TL;DR:
- North Korea dismissed crypto theft accusations as “absurd slander,” blaming “reptile media” for spreading them.
- Regime-linked actors stole approximately $577 million in the first four months of 2026, accounting for 76% of global hack losses.
- Cumulative losses attributed to North Korea exceed $6 billion since 2017, according to blockchain intelligence firm TRM Labs.
The North Korea regime dismissed accusations of cryptocurrency theft through state-sponsored operations, labeling the allegations “absurd slander” and a “political tool” designed to sustain a United States “hostile policy.”
A spokesperson for the country’s Ministry of Foreign Affairs made the statements through the state-run agency KCNA. The official also argued that it is unreasonable for Washington — which he described as the world’s greatest cyber power — to present itself to the international community as “the biggest victim.” The spokesperson further warned that the regime will not tolerate confrontation attempts and will take “all necessary measures” to defend its interests.
The Regime That Hacks the World
Data from TRM Labs sharply contradicts North Korea’s official statements. According to the blockchain intelligence firm, criminals linked to Pyongyang stole approximately $577 million during the first four months of 2026, representing 76% of global cryptocurrency hack losses during that period.
Two incidents that took place in April concentrated most of the volume: the exploit of KelpDAO for $292 million and the attack on Drift Protocol for $285 million. Together they accounted for just 3% of incidents recorded that year by number, yet represent nearly the entire stolen amount. TRM attributed the KelpDAO attack to TraderTraitor, an operation linked to the Lazarus Group, while the Drift attack involved a distinct subgroup and its attribution remains under review.
North Korea Funds its Military Programs by Stealing Assets
North Korea’s presence in the crypto ecosystem is neither recent nor marginal. Its share of global losses from hacks rose from less than 10% in 2020 to 64% in 2025, according to the same firm. Cumulative losses since 2017 already exceed $6 billion. Recent United Nations reports noted that stolen digital assets constitute a significant source of revenue for Pyongyang’s nuclear and ballistic missile programs.
The United States government did not limit itself to publicly naming the regime. On March 13, 2026, the Treasury Department’s Office of Foreign Assets Control sanctioned six individuals and two entities linked to North Korean remote worker schemes that generated nearly $800 million in 2024, including facilitators who enabled cryptocurrency transactions and converted funds into digital assets.
