Hackers linked to North Korea were responsible for 60% of all cryptocurrency stolen globally in 2024, totaling $1.3 billion out of the $2.2 billion pilfered, according to a Chainalysis report. The figure highlights a sharp increase in the sophistication and frequency of cyberattacks attributed to state-sponsored hacking groups.
Rising Theft Trends:
The $2.2 billion in stolen cryptocurrency marked a 21% increase from 2023, though it remained lower than the $3.7 billion recorded in 2022.
North Korea’s Dominance in Cybercrime:
- North Korean hackers executed 47 incidents in 2024, stealing $1.34 billion, over double their haul from 2023.
- These groups utilized advanced tactics, including malware, social engineering, and direct network infiltration, to sustain state operations and bypass sanctions.
Focus on Smaller Targets:
In addition to targeting large-scale crypto exchanges, the hackers focused on lower-value exploits, notably thefts around $10,000, with some activity linked to North Korean IT operatives infiltrating crypto firms.
A Notable Shift in Strategy
Hacking activity associated with North Korea declined in the latter half of the year, coinciding with geopolitical developments. A June meeting between Russian President Vladimir Putin and North Korean leader Kim Jong Un led to the signing of a mutual defense pact, with Russia releasing frozen North Korean assets. Chainalysis suggests this easing of financial strain could explain the dip in cybercriminal activities.