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Hackers connected to the reclusive nation whose entities are often targeted by US sanctions reportedly doubled the amount of crypto they stole in 2023.
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Hackers tied to the Democratic People’s Republic of Korea (DPRK) doubled the amount of digital assets they stole from 2023 to 2024, according to a Chainalysis report.
In a report released on Dec. 19, analytics firm Chainalysis said North Korean hackers stole more than $1.3 billion worth of crypto in 2024 across 47 incidents, roughly 61% of the amount from all reported thefts for the year. The company reported that hackers tied to the reclusive nation stole more than $660 million in 2023.
“[I]t appears that the DPRK’s crypto attacks are becoming more frequent,” said Chainalysis, adding:
“Notably, attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023, suggesting that the DPRK is getting better and faster at massive exploits. This is in stark contrast to the previous two years, during which its exploits more often each yielded profits below $50 million.”
Amount of crypto stolen by North Korean hackers from 2016 to 2024. Source: Chainalysis
North Korean hackers have been responsible for some of the most significant breaches of crypto and blockchain firms, resulting in massive losses. United States authorities often sanction entities connected to the country’s money laundering efforts, citing digital theft from hacking groups.
Though Chainalysis said that the DPRK had a “very active year” for hacking, overall activity globally declined in the third and fourth quarters of 2024.
The analytics firm suggested that North Korea may have become less reliant on crypto theft after deepening political and military ties with Russia:
“The decline in funds stolen by the DPRK after July 1, 2024 is clear and the timing is conspicuous, but it is nevertheless important to note that this decline is not necessarily associated with Putin’s visit to Pyongyang. Additionally, a few events in December could alter the pattern by the end of the year, and attackers often strike over holidays.”
2022 still leads the charts for the amount of crypto stolen in hacks
Chainalysis reported that hackers had stolen roughly $2.2 billion worth of crypto globally in 2024 — a 21% increase year-over-year but far below the roughly $3.7 billion taken in 2022. According to the firm, assets from DeFi platforms accounted for the largest share of stolen crypto in the first quarter of 2024, while centralized services were the most targeted in the second and third quarters.
Related: New Chainalysis CEO expects greater clarity on stablecoins in 2025
Hackers targeted crypto exchange BingX in September, getting away with roughly $44 million worth of tokens. In July, India-based exchange WazirX lost $235 million in one of the biggest hacks of 2024 after actors compromised one of its Safe multisig wallets on Ethereum.
Magazine: Mystery of crypto sleuth’s death, Japanese exchange lists on Nasdaq: Asia Express
This article first appeared at Cointelegraph.com News
