North Korean crypto hackers stole a staggering $1.3 billion worth of cryptocurrency in 2024, according to a Chainalysis report released on December 19. This represents a 102.88% increase compared to 2023, highlighting the escalating threat these hackers pose to the global blockchain sector.
The Chainalysis report revealed 47 incidents of crypto theft attributed to the Democratic People’s Republic of Korea (DPRK) in 2024. The attacks are not only becoming more frequent but also more sophisticated. Notably, exploits yielding between $50 million and $100 million surged, as did those exceeding $100 million, marking a stark contrast to the smaller-scale hacks of previous years.
Chainalysis also highlighted tactics employed by these hackers, including infiltrating Web3 and crypto companies by assuming false identities, manipulating remote access systems, and acting as third-party hiring agents. Such strategies compromise the integrity of targeted networks, posing severe risks to the crypto ecosystem.
Interestingly, the report noted a decline in North Korea’s hacking activities following the June summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un. It suggests that increased cooperation with Russia and redirection of military resources to the Ukraine war might have influenced this shift.
Last week, the U.S. Department of Justice indicted 14 North Korean IT professionals for operating a fraudulent scheme involving wire fraud and money laundering. These activities further underscore the urgent need for enhanced cybersecurity measures in the blockchain sector.
Chainalysis is calling for stronger partnerships between blockchain companies and U.S. law enforcement to mitigate these risks. By improving response systems and fostering collaboration, the crypto industry can better defend itself against North Korean crypto hackers.
