North Korea Hackers Behind $1.3bn Crypto Theft in 2024
A staggering $2.2bn in cryptocurrencies has been stolen globally in 2024, with North Korean hackers responsible for more than half the total, according to a study by Chainalysis. The research highlights that $1.3bn in digital assets was stolen by hackers linked to the reclusive state—more than double their 2023 haul.
The report also reveals that some of these cybercriminals posed as remote IT workers to infiltrate crypto and tech firms, showcasing increasingly sophisticated methods. The rise in theft underscores the evolving threat landscape for cryptocurrency platforms.
The Growing Threat of Crypto Hacks
While global cryptocurrency theft increased by 21% in 2024 compared to 2023, the total remains below the levels seen in 2021 and 2022. According to Chainalysis, compromised private keys—critical for accessing crypto wallets—were the primary cause of these thefts.
The report cited significant incidents, including:
- $300m in bitcoin stolen from Japan’s DMM Bitcoin exchange.
- $235m in losses from India-based exchange WazirX.
Chainalysis emphasized the importance of improving security, particularly for centralized exchanges that manage substantial user funds.
North Korea’s Crypto Heists and International Response
The US government has linked North Korea’s cryptocurrency thefts to efforts to circumvent sanctions and fund weapons programs. Last week, a federal court in St. Louis indicted 14 North Koreans for their roles in a conspiracy to extort funds from US companies and channel money to Pyongyang.
The US State Department announced a reward of up to $5m for information about the scheme. These cyberattacks highlight the geopolitical dimensions of crypto theft.
Crypto Theft in Context
Despite the rise in stolen cryptocurrency, the report notes that 2024’s total losses remain lower than peak years. This comes amid a surge in bitcoin’s value, which has more than doubled this year, fueled by expectations of crypto-friendly policies under incoming US President Donald Trump.
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