A recent report from the Multilateral Sanctions Monitoring Team (MSMT), a group formed by several United Nations member states, has claimed in a recent report that the Democratic People’s Republic of Korea (DPRK) has stolen at least $2.8 billion in cryptocurrency hacks since the beginning of 2024. The report claims that crypto heists have “accounted for approximately one-third of the DPRK’s total foreign currency revenue in 2024.” MSMT was aided in its analysis by Chainalysis and Mandiant, and this total for the heists includes those that MSMT thought it could attribute to North Korea “with a high degree of certainty.” Read more: Crypto has become Kim Jong-Un’s lifeline — and Russia’s secret weapon The largest of these hacks was the February 2025 compromise of Bybit, a crypto exchange that saw approximately $1.46 billion stolen from its coffers. Many other large heists were also crypto exchanges, including DMM Bitcoin, which had approximately $308 million stolen, and WazirX, which lost approximately $235 million. There are also a variety of large DeFi hacks included in this analysis, including: PlayDapp, which saw $290 million stolen Radiant Capital that had $50 million stolen UwU Lend, which lost $19.3 million However, it’s not clear that the report has correctly identified all of these thefts as coming from North Korea. Read more: FBI confirms North Korean ‘TraderTraitor’ to blame for $1.5 billion Bybit hack Taylor Monahan, a security researcher in the cryptocurrency space, challenged several of the report’s characterizations on X. Monahan suggested that SwissBord (Swissborg), Zoth, PrismaFi, and UwU Lend weren’t related to North Korea in her opinion. She additionally pointed out that it attributed the 2024 BTCTurk hack to North Korea, when it was BTCTurk’s 2025 hack that was actually North Korea. The 2024 hack was tied to Russia. These contentious classifications suggest that the top-line number presented in the report may overstate the amount that North Korea has made in this period from these hacks.