Crooks stole $2.2 billion in cryptocurrency in 2024, with hackers associated with North Korea accounting for $1.3 billion, according to a study from Chainalysis.
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The total value of crypto stolen in 2024 was up 21% on the previous year, although still way down on the $3.7 billion nabbed in 2022.
Hackers linked to North Korea have become notorious for their sophisticated and relentless tradecraft, often employing advanced malware, social engineering, and cryptocurrency theft to fund state-sponsored operations and circumvent international sanctions.
In 2024, North Korea-affiliated hackers stole $1.34 billion across 47 incidents — more than double the amount taken the previous year.
Chainalysis says North Korea has been consistently responsible over the last three years for most large-size crypto exploits but that in 2024 there is also a growing density of hacks at lower amounts, most notably around $10,000 in value.
Some of these events appear to be linked to North Korean IT workers, who have been increasingly infiltrating crypto and Web3 companies, and compromising their networks, operations, and integrity.
The study also notes that there has been a drop off in hacking linked to North Korea in the second half of the year.
In June, Russian President Vladimir Putin and North Korean leader Kim Jong Un met in Pyongyang at a summit to sign a mutual defence pact. The growing alliance has been marked by Russia releasing millions of dollars in North Korean assets previously frozen in compliance with sanctions. This, suggests Chainalysis, might have seen North Korea alter its cybercriminal activity.
