Brussels (Brussels Morning Newspaper) – In 2024, hackers associated with the North Korean regime made off with $1.3 billion in cryptocurrency. That was part of a global spree of $2.2 billion in stolen digital assets. The thefts took advantage of weaknesses in private key security on various crypto platforms.
North Korea’s hackers have stolen as much as $1.3 billion in cryptocurrencies so far this year, the latest report says, taking a bigger chunk of the pie for $2.2 billion of cryptocurrencies stolen globally. A study by Chainalysis noted a high tide of cybercrime in the year, while the North Korea-affiliated hackers managed to double last year’s crypto haul.
According to the report, this significant increase in thefts can be partially attributed to hackers disguising themselves as remote IT workers, allowing them to gain access to crypto and tech companies.
Although cryptocurrency thefts increased by 21% in 2024, the total is still lower than the record-breaking figures experienced in 2021 and 2022. According to the study, compromised private keys have also become a growing threat to crypto access tools.
According to Chainalysis, the most sensitive breaches occur on centralised exchanges that handle large sums of user funds. In the past year, big events included the loss of $300 million by the Japanese exchange DMM Bitcoin and nearly $235 million by the Indian exchange WazirX.
For many years, the US government has been pointing out the cybercrime involvement of North Korea as a means of escaping international sanctions and funding missile projects. In a fresh move, the federal court has indicted 14 North Korean nationals accused of operating a massive conspiracy to extort US companies. The US State Department has put out an award for up to $5 million for information regarding the conspiracy.
One of the most notable attacks by North Korean hackers was against the Japanese cryptocurrency exchange DMM Bitcoin. They stole some 4,502 Bitcoins, which were then estimated to be worth around $305 million. This was a remarkable display of the skills of the hackers, as they used advanced techniques that exploited vulnerabilities in the exchange’s system.
