North Korean Hackers to Account for Half of Crypto Thefts in 2024

Key Points:

• North Korean hackers stole $1.34 billion from cryptocurrency platforms in 2024.
• The attackers used advanced methods, including fake job websites and exploiting remote work opportunities.

North Korean hackers stole a record amount of cryptocurrency in 2024, blockchain analytics firm Chainalysis said.

Read more: North Korean Hackers Seized $2.67 Million in Illicit Fund by US Government

North Korean Hackers Stole Record-Breaking Cryptocurrency in 2024

More than 50 per cent of a total of $2.2 billion looted from digital platforms this year is now accounted for by the group, a matter of grave concern for national security in the United States.

Chainalysis revealed in a report released on Thursday that North Korea-associated cyber thieves stole $1.34 billion in 47 separate incidents in 2024, compared with $660.5 million in 20 incidents just a year earlier.

After receiving the funds, the hackers disguise their origins by laundering the stolen cryptocurrency through decentralized financial platforms, mining operations, and mixing services, according to the report. U.S. officials have long warned that such cyberattacks serve to keep Pyongyang afloat amidst internationally imposed sanctions.

Remote Work Exploitation: A New Tactic in North Korea’s Hacking Arsenal

The U.S. Department of Justice has indicted 14 North Korean nationals for fraud and money laundering. Prosecutors say the individuals, who worked as remote IT workers for U.S. companies, raked in more than $88 million through stolen data and extortion schemes.

The cyberattacks, often attributed to North Korea‘s Reconnaissance General Bureau, have also targeted cryptocurrency platforms with highly sophisticated and previously unknown hacking tools. Researchers in cybersecurity say the attackers use fake job websites to trick victims into giving out sensitive information. While the thefts by North Korean hackers decreased slightly in 2023 to just over $1 billion, this year’s unprecedented surge has underlined growing capabilities.