The amount stolen by North Korean hackers has doubled from 2023 to 2024, according to the latest report from Chainalysis.
In the report on December 19, Chainalysis said that North Korean hackers carried out 47 attacks, stealing more than $1.3 billion in 2024, accounting for about 61% of the total amount stolen globally. This figure is nearly double the $660 million they stole in 2023.
"It appears that North Korea's cryptocurrency attacks are becoming more frequent," Chainalysis noted.
The report also added:
"In particular, attacks with values from $50 million to $100 million, as well as over $100 million, have increased significantly in 2024 compared to the previous year, indicating that North Korea is becoming more sophisticated and faster in carrying out large-scale attacks. This is in stark contrast to the two years prior, when most attacks only yielded under $50 million."
North Korean hackers have been behind many serious breaches at blockchain and cryptocurrency companies, causing significant damage. The US government often imposes sanctions on organizations involved in North Korea's money laundering activities, particularly through hacker groups. Although North Korean hackers' activities in 2024 were assessed as "very active," Chainalysis noted a decline in the third and fourth quarters.
Chainalysis also suggested that North Korea may have reduced its reliance on cryptocurrency thefts after strengthening its political and military ties with Russia:
"The decline in the amount stolen after July 1, 2024 is very clear, and this timing coincides notably, although not necessarily related to President Putin's visit to Pyongyang. However, some events in December may change this trend as attackers often operate more strongly during the holiday season."
2022 still holds the record as the year with the highest amount of cryptocurrency stolen, at $3.7 billion. In 2024, global hacks have taken away around $2.2 billion, a 21% increase from the previous year, but still much lower than 2022.
According to Chainalysis, DeFi platforms were the most attacked in the first quarter of 2024, while centralized services became the main targets in the second and third quarters. Some notable attacks in 2024:
