North Korean Hackers Steal $1.3bn In Cryptocurrency In 2024.
North Korean hackers have been linked to the theft of $1.3 billion (£1.04bn) in cryptocurrency this year, making up more than half of the $2.2 billion stolen globally, according to a report by research firm Chainalysis. The figure marks a significant increase from last year’s $600 million attributed to hackers from the reclusive state.
The report highlights a pattern of North Korean hackers infiltrating cryptocurrency and technology firms by posing as remote IT workers. This tactic has allowed them to breach security systems and steal digital assets, particularly by compromising private keys, which control access to users’ funds on crypto platforms.
Among the year’s largest incidents were the theft of $300 million in bitcoin from Japan-based DMM Bitcoin and the loss of $235 million from Indian exchange WazirX. Despite the surge in stolen funds, the total remains below the peak levels recorded in 2021 and 2022.
Chainalysis emphasised the growing complexity of cyber threats, urging the cryptocurrency industry to strengthen its defences. “The rise in stolen crypto underscores the need for the industry to address an increasingly complex and evolving threat landscape,” the report stated.
The US government has accused North Korea of using cryptocurrency theft to evade international sanctions and finance its weapons programmes. Last week, 14 North Koreans were indicted by a federal court in St Louis for their alleged involvement in a conspiracy to extort funds from US companies and funnel money to Pyongyang. The US State Department has since offered a reward of up to $5 million for information about the scheme.
As cryptocurrency prices, including bitcoin, continue to rise, concerns about security and the misuse of digital currencies by state actors remain at the forefront of global discussions.
