Where money goes, crime follows. The rapid growth of Web3 has presented new opportunities for threat actors, especially in decentralized finance (DeFi), where the heists are larger and more numerous than anything seen in the traditional finance sector. Mandiant has a long history of investigating bank heists. In 2016, Mandiant investigated the world’s largest bank heist that occurred at the Bank of Bangladesh and resulted in the theft of $81 million by North Korea’s APT38. While the group’s operations were quite innovative and made for an entertaining 10-episode podcast by the BBC, it pales in comparison to Web3 heists. In 2022, the largest DeFi heist occurred on Sky Mavis’ Ronin Blockchain, which resulted in the theft of over $600 million by North Korean threat actors. While North Korea is arguably the world’s leading cyber criminal enterprise, they are not the only player. Since 2020, there have been hundreds of Web3 heists reported, which has resulted in over $12 billion in stolen digital assets
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