These countries – the United States, Japan, and South Korea – have collectively sounded an alarm regarding the escalating danger posed by hacker groups linked to North Korea (Democratic People’s Republic of Korea or DPRK) in the realm of cryptocurrencies.
Entities like the infamous Lazarus Group are leading candidates under investigation for some of the highest-profile digital heists in the realm of Web3, including the breach of the Ronin network that led to a loss of approximately $600 million and the theft of $230 million from the WazirX exchange.
The statement issued on January 14th warns that hackers from North Korea present a substantial risk to the “soundness and security” of global financial networks.
The proposed idea is that North Korea intends to finance its ballistic missile projects by stealing cryptocurrencies.
“Our three governments strive together to prevent thefts, including from private industry, by the DPRK and to recover stolen funds with the ultimate goal of denying the DPRK illicit revenue for its unlawful weapons of mass destruction and ballistic missile programs.”
As an analyst, I’d rephrase that statement like this: In my analysis, I highlight the importance of uniting the public and private sectors across these three countries in a preemptive fight against these cybercrime activities.
Approximately three weeks ago, the joint statement was made following the imposition of sanctions by South Korean officials on fifteen North Koreans, who were accused of illicitly funding North Korea’s nuclear weapons program through digital currency robberies and online theft.
North Korea hackers stole at least $1.3 billion in 2024
As an analyst, I can’t help but acknowledge the growing concern over the role of North Korean-linked cyber actors in the realm of cryptocurrencies. Their activities pose a substantial risk to the integrity and credibility of the digital currency market.
Over the last year, it’s been reported that North Korean cybercriminals were behind several high-profile cryptocurrency heists. These include the theft of $305 million worth of Bitcoin from DMM, a $50 million hack on Upbit, a $50 million breach at Radiant Capital, and a $16 million cyberattack on Rain Management.
In the year 2024, cybercriminals based in North Korea managed to swipe approximately $1.34 billion in digital assets across 47 separate incidents. This represents a staggering 102% surge compared to the $660 million taken in the previous year, as reported by Chainalysis’s data.
In 2024, the sum of $1.34 billion accounted for over 61% of the total cryptocurrency thefts and roughly 20% of all hacking occurrences recorded.
The growing complexity of cyber-attacks hints at the advancement in techniques employed by North Korean cybercriminals. Notably, Chainalysis has observed a surge in heists generating over $50 million, suggesting a trend towards more profitable schemes.
“Notably, attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023, suggesting that the DPRK is getting better and faster at massive exploits.”
In contrast, the DPRK’s exploits in 2022 often resulted in profits of less than $50 million.
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2025-01-14 15:51