As a seasoned analyst with years of experience tracking cybercrime activities, I must say that the escalation in digital asset theft by North Korean hackers is both concerning and intriguing. The significant increase in stolen assets from 2023 to 2024, as reported by Chainalysis, underscores the growing sophistication of these groups. It’s a cat-and-mouse game where the mouse keeps getting smarter.
In a Chainalysis report, it was stated that hackers linked to North Korea nearly doubled the quantity of digital funds they pilfered between the years 2024 and 2023 compared to the previous period (2023).
According to a report published on December 19th by data analysis company Chainalysis, North Korean cybercriminals are suspected of stealing over $1.3 billion in cryptocurrency in 2024, accounting for approximately 61% of all reported thefts that year. Notably, this figure surpasses the $660 million worth of crypto stolen by these same hackers in 2023.
“[I]t appears that the DPRK’s crypto attacks are becoming more frequent,” said Chainalysis, adding:
“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. This is in stark contrast to the previous two years, during which its exploits more often each yielded profits below $50 million.”
As a security analyst, I’ve observed that North Korea has been behind several high-profile cyberattacks on cryptocurrency and blockchain companies, leading to substantial financial losses. U.S. authorities frequently impose sanctions on entities linked to the nation’s money laundering activities, attributing these actions to digital heists orchestrated by hacking groups.
Despite Chainalysis’ statement suggesting a “busy year” for hacking by the DPRK, it’s important to note that global hacking activities saw a decrease during the third and fourth quarters of 2024.
According to the analysis, it appears that North Korea might be reducing its dependence on cryptocurrency theft as a result of strengthening political and defense alliances with Russia.
“The decline in funds stolen by the DPRK after July 1, 2024 is clear and the timing is conspicuous, but it is nevertheless important to note that this decline is not necessarily associated with Putin’s visit to Pyongyang. Additionally, a few events in December could alter the pattern by the end of the year, and attackers often strike over holidays.”
2022 still leads the charts for the amount of crypto stolen in hacks
In 2024, Chainalysis found that hackers stole approximately $2.2 billion in cryptocurrency worldwide, marking a 21% increase compared to the previous year. However, this figure is still lower than the $3.7 billion lost in 2022. The firm noted that assets from Decentralized Finance (DeFi) platforms made up the majority of stolen crypto during the first quarter of 2024, while centralized services were the primary targets in the second and third quarters.
In September, hackers struck crypto platform BingX, managing to make off with approximately $44 million in tokens. Earlier in July, WazirX, an exchange based in India, suffered a massive hack that resulted in a loss of around $235 million. This incident was one of the largest hacks in 2024, as the perpetrators successfully breached one of its secure multisignature wallets on Ethereum.
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2024-12-19 22:11