North Korean Hackers Steal $2.2 Billion in Crypto in 2024
Crypto theft leapt to an all-time high of 2.2 billion (£1.76bn) in 2024, with more than half the losses to blame on North Korean hackers, according to a new report from research of Chainalysis. North Korean cyber-criminals affiliated with its state stole $1.3 billion in digital currencies, more than twice as much as they netted the previous year, the study said.
Sophisticated Cyber Tactics
It focused on some of the most sophisticated methods being employed by North Korean hackers while disguising themselves as remote IT workers in trying to penetrate crypto and tech companies. Such methods have so far been successful in passing through the securities that bar them from penetrating into key systems.
Rising Threat to the Crypto Industry
The total cryptocurrency stolen in 2024 remains below peak levels reached in both years of 2021 and 2022 but is up 21% from 2023. Chainalysis said this call should ring the alarm through the industry for the need to address this ever-evolving cyber threat.
The increase in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape, it is said in the report.
Private Key Vulnerabilities
Most of the digital currency stolen this year has been due to the compromise of private keys that allowed thieves to access users’ funds in crypto platforms. Indeed, the report points out the extent of the damage caused by private key compromises, especially to the centralized exchanges holding large portions of user funds.
Major Incidents in 2024
Among the major thefts were:
- DMM Bitcoin (Japan): $300 million in bitcoin was stolen.
- WazirX – India: About US$ 235 million were lost.
These above incidents indicate the loopholes, even in some of the leading crypto exchanges in the world.
North Korea Cyber Crime Network
The US administration has accused North Korea of using cryptocurrency theft and cybercrime for bypassing international sanctions to finance its weapons programmes.
Last week, a federal court in St. Louis indicted 14 North Koreans for organizing a long-running scheme to extort money from US companies and send it to Pyongyang’s weapons programmes. The US State Department said it would pay a reward of as much as $5 million for information about the scheme.
Surge in Bitcoin Amid Concerns
Meanwhile, the emergence of more threats has pushed up cryptocurrencies in general. Bitcoin has more than doubled in price this year partly due to expectations of a more crypto-friendly administration from incoming US President Donald Trump. The surge in thefts brings forward the demand for greater security and coordination of efforts worldwide against the cyber threat within an increasingly digital financial space.
