North Korean hackers stole $1.6b crypto this year

North Korea’s cyber operations have reached new heights in 2024, with hackers linked to the regime stealing $1.6 billion in cryptocurrency, according to a report from Chainalysis.

This represents a sharp increase from the $660.5 million stolen in 2023 and highlights the critical role cybercrime plays in funding Pyongyang’s government operations.

$2.2 billion was stolen from crypto platforms in 2024, and North Korea accounted for 61% of that. according to at Chainalysis.

The country’s cybercriminal network has carried out 47 separate attacks this year, double the incidents attributed to them last year. These operates target crypto platforms and decentralized financial systems to siphon off funds that experts say are intended for North Korea’s weapons development and ballistic missile programs.

North Korean tactics are evolving

North Korean hackers have become more sophisticateddeploying advanced malware and social engineering tactics. Their operations have also expanded to include infiltrating cryptocurrency businesses under the guise of remote workers.

In one notable case, 14 North Korean nationals were indicted by the U.S. Department of Justice for using fake identities to secure remote IT jobs, generating more than $88 million through data theft and extortion.

The scale and frequency of these attacks are increasing. North Korean groups carried out more large-scale hacks exceeding $100 million in 2024 than in previous years, demonstrating a growing capacity to commit massive thefts.

Smaller-scale hacks have also increased, with attacks under $50 million more common.

The international community has long been concerned about North Korea’s use of cybercrime to circumvent sanctions. U.S. officials estimate that up to a third of the funding for the regime’s missile program comes from illicit online activity.

A change of activity after ties with Russia

Most of North Korea’s cryptocurrency thefts took place in the first half of 2024. Hacking activity slowed significantly after June, coinciding with closer ties between North Korea and Russia. Analysts suggest the regime may have changed its cyber strategies following a meeting between Kim Jong Un and Vladimir Putin, which marked increased cooperation between the two countries.

“It is therefore possible,” the report reads, “in addition to redirecting its military resources towards the conflict in Ukraine, the DPRK – which has significantly increased its cooperation with Russia in recent years – has also changed its cybercriminal activities .”

The slowdown did little to lessen the year’s overall impact. North Korea has become a dominant force in cryptocurrency theft, responsible for two-thirds of hacking incidents worldwide in 2024.