Chainalysis reveals North Korea DPRK-linked hackers accounted for 61% of global crypto thefts in 2024, doubling 2023’s figures.
Record Crypto Theft by North Korea DPRK Hackers
Hackers tied to North Korea’s Democratic People’s Republic (DPRK) stole over $1.3 billion in cryptocurrency across 47 incidents in 2024, according to a Dec. 19 report by Chainalysis. The report shows a significant increase from the $660 million stolen in 2023, with DPRK-linked hackers responsible for 61% of the year’s reported crypto thefts.
Evolving and Massive Exploits
The Chainalysis report highlights that North Korea’s hacking groups have become more adept at executing large-scale attacks. Incidents involving $50 million to $100 million and those exceeding $100 million were far more frequent in 2024 than in previous years.
“DPRK’s crypto attacks are becoming more frequent and increasingly lucrative,” noted Chainalysis. The report shows a decline in smaller hacks yielding less than $50 million, contrasting with the massive exploits of recent years.
Targeting DeFi and Centralized Platforms
In 2024, DeFi platforms accounted for the largest share of stolen assets during the first quarter, while centralized services became primary targets in subsequent quarters. High-profile attacks included $44 million stolen from crypto exchange BingX in September and $235 million from WazirX in July.
Decline in DPRK Hacking Activity Post-July
Interestingly, Chainalysis noted a decline in North Korea’s hacking activity after July 2024, coinciding with deepened political and military ties with Russia. While the timing is noteworthy, the firm clarified that the drop might not directly correlate with Russian President Vladimir Putin’s visit to Pyongyang.
Contextualizing the Global Crypto Landscape
Despite DPRK’s active year, global crypto thefts in 2024 remained far below 2022’s record $3.7 billion, with Chainalysis reporting $2.2 billion in stolen funds for the year. This marks a 21% year-over-year increase in crypto thefts.
Sanctions and Broader Implications
U.S. authorities continue to sanction entities tied to North Korea’s laundering operations, as stolen crypto reportedly finances the regime’s military programs. The report underscores the ongoing need for international collaboration to strengthen cybersecurity measures in the crypto ecosystem.
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