North Korean Hackers Cybercrime Network Drives $1.3 Billion Crypto Heist in 2024, Highlighting Rising Threats to Global Digital Assets
North Korean hackers are responsible for stealing a staggering $1.3 billion in cryptocurrency this year, accounting for over half of the $2.2 billion total stolen globally, according to a new study by blockchain analytics firm Chainalysis.
This marks more than double the amount stolen by hackers linked to the reclusive regime in 2023. The report highlights that some thefts were orchestrated by hackers posing as remote IT workers to infiltrate crypto and tech firms.
A Growing Threat as Bitcoin Soars
The surge in crypto theft coincides with bitcoin’s price more than doubling this year, driven partly by optimism surrounding the anticipated crypto-friendly policies of incoming US president Donald Trump. Despite the rise, the total value of stolen cryptocurrencies in 2024 remains below the levels seen in 2021 and 2022.
“The growing value of stolen crypto in 2024 highlights the need for the industry to combat an increasingly sophisticated threat landscape,” Chainalysis warned.
Private Key Compromises Dominate
The report reveals that most stolen cryptocurrencies in 2024 were linked to compromised private keys—digital credentials that grant access to users’ funds. Centralized exchanges remain a prime target, with significant incidents including:
- A $300 million bitcoin theft from Japan’s DMM Bitcoin exchange.
- A $235 million heist from India-based exchange WazirX.
US Accuses North Korea of Funding Weapons Programmes
The US government accuses North Korea of using cybercrime, including cryptocurrency theft, to bypass international sanctions and fund its weapons programs.
Just last week, a federal court in Saint Louis indicted 14 North Koreans for allegedly conspiring to extort US companies and funnel money to Pyongyang. The US State Department has offered a $5 million reward for information on the scheme.
Crypto Industry Under Pressure
With a 21% rise in crypto theft this year, experts say the industry faces a critical test in addressing the vulnerabilities exploited by cybercriminals.
“The impact of private key compromises is devastating, especially for centralized exchanges managing large user funds,” the study emphasized.
As the battle against cyber threats intensifies, global authorities are stepping up efforts to hold bad actors accountable while urging the crypto industry to bolster its defenses.
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