North Korean Hackers Drive Record $1.3 Billion Crypto Theft in 2024
North Korean-linked hackers accounted for over half of 2024’s stolen $2.2 billion in cryptocurrencies, highlighting a growing cybersecurity crisis.
By Tylt Editorial Team
North Korea-affiliated hackers stole $1.3 billion of cryptocurrency this year.
Global crypto theft rose by 21% in 2024, largely due to private key compromises.
High-profile incidents include $300M stolen from DMM Bitcoin and $235M from WazirX.
A recent report has shed light on an alarming rise in cryptocurrency theft, with North Korean hackers playing a significant role. The study by Chainalysis revealed that hackers linked to the isolated regime siphoned off $1.3 billion in digital assets this year—more than double the amount stolen in 2023. This figure represents over half of the $2.2 billion worth of crypto assets pilfered globally in 2024.
The report points to North Korean cybercriminals employing advanced techniques, such as posing as remote IT workers, to infiltrate cryptocurrency and technology firms. Once inside, these hackers exploit vulnerabilities to gain access to private keys, which are critical for controlling digital assets. The devastating consequences of such breaches were underscored by significant thefts this year, including $300 million from Japanese exchange DMM Bitcoin and $235 million from India-based WazirX.
This surge in cybercrime coincides with the rapid growth of cryptocurrency markets, marked by bitcoin's price more than doubling in 2024. The report notes that while thefts increased by 21% compared to last year, the figures still remain below the peak levels observed in 2021 and 2022.
The US government has also taken notice of this growing threat. A federal court in St. Louis recently indicted 14 North Koreans involved in an elaborate scheme to extort funds from American companies, funneling the proceeds into Pyongyang’s weapons programs. In response, the US State Department has announced a reward of up to $5 million for information on the perpetrators.
Chainalysis emphasized the urgent need for the crypto industry to address the evolving threat landscape. The report highlighted that centralized exchanges, which manage vast amounts of user funds, are particularly vulnerable to attacks that compromise private keys. Strengthening cybersecurity measures and increasing vigilance are critical to mitigating the risks posed by sophisticated hacker groups.
As North Korea continues to exploit cryptocurrency theft to circumvent international sanctions and fund its regime, the global crypto community faces mounting pressure to safeguard its assets from an increasingly complex web of cyber threats.
