Majority of Stolen Crypto Tied to North Korean Hackers
North Korean hackers stole $1.3bn of cryptocurrencies in 2024, more than double last year’s total, says Chainalysis. The research firm reported that $2.2bn in cryptocurrencies was stolen this year, with over half linked to North Korean actors.
Chainalysis revealed that some thefts involved North Korean hackers posing as remote IT workers to infiltrate tech firms. These workers targeted cryptocurrency and technology companies, gaining access to sensitive information and funds.
The rise in stolen cryptocurrency highlights an increasingly sophisticated threat landscape. The report noted a 21% increase in crypto theft from last year, though it remained below 2021 and 2022 levels.
High-Profile Incidents and US Government Response
Some of the largest thefts this year included $300m stolen from Japan’s DMM Bitcoin and $235m from India’s WazirX. Most thefts were linked to compromised private keys, which control access to crypto assets. Chainalysis warned that key compromises on centralized exchanges could cause significant financial damage.
The US government has accused North Korea of using cryptocurrency theft to evade sanctions and fund its weapons programs. Last week, a federal court in St Louis indicted 14 North Koreans for an alleged conspiracy to extort funds from US companies.
To combat these efforts, the US State Department announced a $5m reward for information about the scheme. The rise in crypto theft underscores the urgency for stronger security measures within the cryptocurrency industry.