Alec Zebrick: What 2025 taught us about North Korea’s crypto strategy

Alec Zebrick of blockchain analytics company Chainalysis joins this week’s episode to break down how North Korea-linked actors are upgrading their tactics to steal cryptocurrency, why 2025 was a record year for large-scale hacks and what can be done to reduce risk. The expert explores the shift in North Korean operations toward fewer but much larger targets, as exemplified by the outsized impact of the DPRK’s Bybit heist last year. He places this in the context of state-backed actors’ preference for “high-impact” operations over the “spray-and-pray” model common among non-state cybercriminals. The discussion also covers how attack methods have evolved beyond basic phishing, as well as the continuing importance of sanctions and cross-border intelligence-sharing for stopping cybercrime. Alec Zebrick is senior manager, global services at Chainalysis. He is based in South Korea, where he leads cryptocurrency investigations for public and private clients. A former U.S. detective and secret service task force officer, he is a subject-matter expert on North Korea’s crypto operations, has investigated major DPRK-linked hacks and has briefed the U.N. Security Council. About the podcast: The North Korea News Podcast is a weekly podcast hosted by Jacco Zwetsloot exclusively for NK News, covering all things DPRK — from news to extended interviews with leading experts and analysts in the field, along with insights from our very own journalists.