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In 2024, hackers associated with North Korea set a new record for cryptocurrency theft. Notorious for their advanced skills in malware deployment, social engineering, and crypto asset theft, these hackers often channel stolen funds into state-sponsored projects, including weapons of mass destruction and missile programs, bypassing global sanctions.
In 2023, they stole around $660.5 million through 20 incidents, but this amount surged to $1.34 billion across 47 cases in 2024, marking a 102.88% increase in stolen value.
North Korea Sets Crypto Theft Record in 2024
According to the latest report by Chainalysis shared with CryptoPotato, the frequency of North Korea’s cryptocurrency attacks continues to grow, even as the total number of incidents across all scales has declined year-over-year. Particularly in 2024, there was a noticeable uptick in large-scale attacks involving $50-$100 million and amounts exceeding $100 million.
This suggests that North Korea is becoming more efficient in orchestrating high-value breaches, a notable change from the past two years when their attacks predominantly generated less than $50 million per incident.
North Korean IT workers have increasingly infiltrated crypto and Web3 companies, compromising their systems and integrity. Using advanced tactics like false identities, third-party hiring intermediaries, and exploiting remote work opportunities, they gain access to sensitive networks.
In one notable case, the US Department of Justice indicted 14 North Korean nationals who posed as remote IT employees for US companies, stealing proprietary information and extorting employers, resulting in $88 million in illicit earnings.
Hacking Dominance Dips in Late 2024
While North Korea’s exploits dominate this year’s hacking statistics, the global landscape highlights the continued threat of crypto theft. Total stolen funds reached $2.2 billion in 2024, marking the fifth year in the past decade where over $1 billion was stolen. This means that North Korea accounts for 61% of the total stolen crypto for the year and 20% of all incidents.
Interestingly, while hacking activity surged in the first half of 2024, with $1.58 billion stolen by July – over 84% higher than the same period in 2023 – it slowed significantly in the latter half. Data reveals a 53.73% drop in stolen funds after July 1, 2024. This decline may be tied to shifting priorities as North Korea strengthens ties with Russia and possibly redirects resources to the Ukraine conflict.
However, December events or holiday attacks could still change the overall picture, the blockchain data platform warned.
This article first appeared at CryptoPotato
