North Korea's $659M Crypto Heist: Global Financial Threat Escalates
North Korea's state-backed hackers stole $659M in cryptocurrency in 2024, marking a severe threat to global financial stability.
By Tylt Editorial Team
North Korea linked to $659M crypto theft in 2024, including the WazirX breach.
Joint warning: DPRK hackers aggressively target blockchain industries.
US offers $5M reward for information on North Korean IT fraud schemes.
North Korea's state-sponsored cybercrime reached unprecedented levels in 2024, with its hackers stealing over $659 million in cryptocurrency, according to a joint statement by the United States, South Korea, and Japan. The announcement highlights an alarming rise in attacks on the blockchain technology industry, with hackers using sophisticated social engineering techniques to target companies globally.
The statement also cited the July 2024 breach of WazirX, India’s largest Bitcoin exchange, where North Korean attackers stole $235 million. This marked the first instance of North Korea's Lazarus Group being formally held responsible for such a massive theft.
Beyond WazirX, North Korea was linked to several other heists last year, including DMM Bitcoin ($308 million), Upbit ($50 million), Rain Management ($16.13 million), and Radiant Capital ($50 million). While official figures remain staggering, blockchain analysis firm Chainalysis estimated the actual thefts to surpass $1.34 billion in 2024, breaking their previous record of $1.1 billion in 2022.
North Korea’s cyber program poses a significant threat to the global financial system. Its "IT warriors" are infiltrating international companies, disguising themselves as legitimate US-based IT workers and connecting to enterprise networks through US-hosted devices. These deceptive practices are bolstered by North Korea’s state-backed training programs designed to mask the identities of their workers.
In a bid to curb these activities, the US State Department has announced a reward of up to $5 million for information on North Korean front companies, including Yanbian Silverstar and Volasys Silverstar, which have generated $88 million through fraudulent IT work schemes over six years.
The joint statement from the US, Japan, and South Korea urges the private sector to adopt heightened vigilance and adhere to new advisories aimed at combating these cyber threats. As North Korea’s cyber strategy evolves, the international community faces mounting pressure to protect its financial systems from further breaches.
