Hackers from North Korea have reportedly stolen an estimated $1.3 billion worth of Crypto in 2024.
This trend marks more than double the amount stolen in the previous year.
When Vladimir Putin and Kim Jong Un met, north Korean hacking activity significantly declined after July 2024.
A total of $2.2 billion was stolen overall from hackers worldwide, all over the Crypto industry.
Through it all, this figure is significantly lower than the $3.7 billion recorded in 2022.
North Korea’s notorious hacking groups have once again made headlines.
According to a recent report from Chainalysis, this group of hackers stole an estimated $1.3 billion worth of crypto in 2024.
This marks a staggering 102.88% increase compared to 2023, which is more than double.
It also accounts for around 61% of the total Crypto theft worldwide in the year.
Here's how it all went down in terms of Crypto security for the year 2024.
In its report, Chainalysis identified 47 major hacking incidents tied to the Democratic People’s Republic of Korea (DPRK) in 2024.
Notably, attacks involving between $50 million and $100 million—and even more than $100 million—happened much more often than in previous years.
Harsher attacks in recent times
This means that expertise among North Korean hacking groups has steadily grown, especially in executing massive attacks.
Interestingly, earlier years saw operations with smaller average theft amounts below $50 million.
Throughout 2024, these hackers executed several sophisticated attacks, including IT Worker Infiltration, where they allegedly infiltrated Crypto and Web3 companies under false identities.
Once inside, they manipulate systems and gain the necessary access to steal funds.
Other hackers also used Phishing and Social Engineering to assume fake personas, seek remote jobs, and attack crypto wallets.
Most popular attack vectors
Finally, the hackers also seemed to favor Exploiting Multisig Wallets, especially with high-profile incidents in 2024 like the $235 million WazirX hack and the $44 million BingX breach.
One interesting factor in Chainalysis's report was the decline in North Korean hacking activity after July 2024.
Cumulative amounts stolen YoY
Notably, this came after the meeting between Russian President Vladimir Putin and North Korean leader Kim Jong Un by mid-year.
According to its reports, Chainalysis speculated that the country's cybercriminal strategy may have shifted after possible military cooperation with Russia.
Despite this decline, the Chainalysis report warned that a rash of attacks could still occur during the holiday season and that stakeholders should remain vigilant.
While North Korean hackers dominated the Crypto theft landscape in 2024, a lot more Crypto was stolen worldwide throughout the year.
Per reports, the overall volume of stolen Crypto worldwide reached $2.2 billion—a 21% increase from the previous year.
However, this figure is still significantly lower than the $3.7 billion recorded in 2022.
Notably, DeFi platforms bore the brunt of attacks in early 2024, while centralized exchanges suffered worse exploits later.
Distribution of attacks throughout the year
In particular, the WazirX and BingX hacks show the ongoing vulnerability of even well-established platforms.
Another factor in Chainalysis’ report goes beyond mere financial loss and poses a threat to the credibility of the blockchain sector.
According to the report, the frequency of these attacks has far-reaching implications for trust within the digital economy.
For example, in December 2024, the U.S. Department of Justice indicted 14 North Korean IT workers for violating U.S. sanctions.
Chainalysis pointed out the importance of collaboration between the Crypto industry and law enforcement in combating this threat.
The report urged blockchain companies to create partnerships with regulatory authorities to enhance security measures.
It also called on these companies to invest in rapid-response measures in the event of hacks and equip their teams to prevent cyberattacks.
“Strengthening these defenses is critical not just for safeguarding individual assets but also for ensuring the long-term trust and growth of the digital ecosystem,” the report concludes.
The alarming rise in North Korea's Crypto thefts shows the vulnerabilities within the blockchain industry.
Moreover, it shows the growing threat of state-sponsored hacking groups.
As the DPRK refines its tactics, improving the crypto sector's security measures remains important.
It is also important to collaborate with global authorities and build resilience against future attacks.
Disclaimer: Voice of Crypto aims to deliver accurate and up-to-date information but will not be responsible for any missing facts or inaccurate information. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.