North Korean hackers are accused of stealing more than $1.3 billion in cryptocurrency in 2024, doubling the amount stolen in 2023 and accounting for 61% of the total global cryptocurrency theft.
According to the latest report released by blockchain analysis firm Chainalysis on December 19, hacker groups with ties to North Korea stole a record-breaking amount of over $1.3 billion in cryptocurrency in 2024.
This figure nearly doubled the $660 million stolen in 2023 and accounted for around 61% of the total $2.2 billion in cryptocurrency stolen globally this year. The report indicates a significant increase in both the frequency and scale of attacks, reflecting the growing sophistication of North Korean hacker groups.
Chainalysis recorded 47 individual attacks believed to be carried out by North Korea in 2024. Notably, the number of large-scale attacks, with values ranging from $50 million to $100 million, and even exceeding $100 million, has increased sharply compared to 2023.
This trend is in stark contrast to the two previous years, when the profits from each attack were typically less than $50 million. Chainalysis believes this indicates that "North Korean hacker groups are becoming more skilled and faster at carrying out large-scale attacks".
Targets and Attack Methods
Cryptocurrency companies and blockchain continue to be the primary targets of these attacks. The report does not provide specific details on the attack methods used, but previous reports from Chainalysis and other cybersecurity firms have indicated that North Korean hacker groups often employ sophisticated techniques, including phishing, exploiting vulnerabilities, and supply chain attacks.
The U.S. government has repeatedly imposed sanctions on individuals and organizations linked to North Korea's money laundering activities, citing the cryptocurrency thefts carried out by these hacker groups.
The surge in attack activity in the first half of 2024 contributed significantly to the record-breaking losses. However, Chainalysis also noted a significant decline in the activity of North Korean hacker groups in the third and fourth quarters of 2024. While this coincides with Russian President Vladimir Putin's visit to Pyongyang, Chainalysis is cautious about drawing a definitive connection between the two events.
The company also notes that attack activity may increase again towards the end of the year, as hackers often ramp up their efforts during the holiday season. One hypothesis is that North Korea may have reduced its reliance on cryptocurrency theft after strengthening its political and military ties with Russia. However, this remains a speculation and will require more time to verify.
In the broader context, the total value of cryptocurrency stolen globally in 2024 reached $2.2 billion, a 21% increase from 2023 but still significantly lower than the $3.7 billion in 2022.
Chainalysis' report indicates that decentralized finance (DeFi) platforms were the primary targets in the first quarter of 2024, while centralized services were the top targets in the second and third quarters. Notable examples include the attack on the BingX exchange in September, which resulted in a loss of around $44 million, and the attack on the WazirX exchange in India in July, which caused a loss of up to $235 million.
