Cyber Crime
North Korean Hackers Loot $1.34 Billion in Cryptocurrency in 2024
In a chilling display of cyber prowess, North Korean hackers have stolen a staggering $1.34 billion worth of cryptocurrency in 2024, according to a report by blockchain analytics firm Chainalysis. This amount accounts for 61% of the total crypto theft for the year, marking a 21% increase from 2023.
The year saw a record-breaking 303 cyberattacks targeting digital assets, though the total losses didn’t surpass the infamous $3.7 billion stolen in 2022. Chainalysis highlights that the majority of this year’s heists—72%—occurred between January and July.
High-Profile Heists
Among the most notable incidents was the May hack of DMM Bitcoin, which resulted in losses exceeding $305 million, and the July breach of WazirX, where $235 million was stolen. The report also notes that decentralized finance (DeFi) platforms bore the brunt of these attacks, followed by centralized exchanges.
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Methods of Attack
The analysis reveals that private key compromises were responsible for 44% of the losses, underscoring the need for stricter key management practices. Meanwhile, exploitation of security flaws accounted for just 6.3% of stolen funds, suggesting that security audits are effectively mitigating platform vulnerabilities.
A Record Year for DPRK Cybercrime
North Korea’s state-sponsored hackers have intensified their operations, systematically targeting cryptocurrency platforms, investors, and wallets to fund the nation’s weapons development program. This year’s haul of $1.34 billion surpasses their previous record of $1.1 billion in 2022.
“In 2023, North Korean hackers stole approximately $660.50 million across 20 incidents. In 2024, that figure surged to $1.34 billion across 47 incidents—a 102.88% increase in value stolen,” the report states.
The frequency of attacks also rose sharply, indicating North Korea’s enhanced capacity for large-scale cyber operations. The DMM Bitcoin breach, attributed to North Korean hackers, was traced using blockchain evidence, revealing the flow of stolen funds to coin-mixing services.
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Small-Scale Attacks on the Rise
While large-scale heists grabbed headlines, North Korean hackers also ramped up smaller attacks, often targeting wallets with as little as $10,000. In June, CoinStats reported that 1,590 cryptocurrency wallets on its platform had been compromised.
What Lies Ahead
Despite a slowdown in activity after July, experts predict that fintech platforms will remain prime targets in 2025, particularly as the ongoing cryptocurrency bull market drives up asset values.
The Chainalysis report serves as a stark reminder of the persistent and evolving threat posed by North Korean cyber actors. Enhanced security measures and robust private key management are crucial to safeguarding the digital asset ecosystem against these relentless attacks.
