North Korea / DPRK Cyber Risk

State-sponsored hacking groups (Lazarus, TraderTraitor) attributed to North Korea have stolen over $6 billion in crypto since 2022, primarily via social engineering of employees and contractors rather than direct protocol exploits. The approximately $1.5 billion Bybit theft (2025) is the largest single incident on record. Sources: Chainalysis 2025 Crypto Crime Report; TRM Labs North Korea threat assessment. A geopolitical risk category that most traditional risk frameworks do not adequately capture.