Silke Mayr North Korean hackers stole $1.3bn in cryptocurrency this year, a new report reveals. Research firm Chainalysis claims this amount is more than double last year’s haul. Hackers linked to North Korea were responsible for over half of the $2.2bn total cryptocurrency thefts in 2024.
Infiltration Tactics and Major Heists
North Korean hackers allegedly infiltrated technology companies by posing as remote IT workers. They targeted crypto and tech firms, enabling large-scale thefts. Notable incidents include the $300m stolen from Japan’s DMM Bitcoin and $235m taken from India’s WazirX.
The report highlights how hackers exploited private key compromises. Private keys control access to users’ crypto assets, making them prime targets. Compromised keys played a significant role in this year’s thefts. Centralized exchanges remain especially vulnerable due to the large volume of user funds they manage.
US Government Response and Legal Actions
The US government accused North Korea of using stolen crypto to fund weapons programs. A federal court in St. Louis indicted 14 North Koreans for allegedly orchestrating a cybercrime conspiracy. The US State Department offered a $5m reward for information on the scheme.
The increase in stolen cryptocurrency highlights the urgent need for stronger security measures. Chainalysis called for action to address the growing threat. While 2024 saw a 21% rise in crypto theft from 2023, it still remained below 2021 and 2022 levels.