North Korean Hackers Double Crypto Thefts in 2024

Jimmy Aki
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North Korean hackers set a new record in cryptocurrency thefts, stealing over $1.3 billion in 2024. According to a December 19 report by Chainalysis, this figure accounts for 61% of all crypto thefts globally in the year.

North Korea’s Crypto Thefts Reach $1.3 Billion in 2024

The Democratic People’s Republic of Korea (DPRK) has been linked to 47 hacking incidents in 2024, a significant jump from 20 reported in 2023.

The report highlights a sharp rise in the scale of these attacks. “Notably, attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023,” Chainalysis stated.

“This is in stark contrast to the previous two years, during which its exploits more often each yielded profits below $50 million.”

Among the largest hacks was an attack on India-based exchange WazirX in July, which resulted in a loss of $235 million.

Hackers compromised one of the exchange’s Safe multisig wallets on Ethereum. Additionally, crypto exchange BingX suffered a $44 million breach in September.

Global cryptocurrency thefts rose by 21% in 2024, totaling $2.2 billion. Despite this increase, the overall number of incidents rose slightly to 303, compared to 282 in 2023. However, North Korea’s share of these thefts demonstrates the country’s growing reliance on cybercrime to fund its activities.

In one of the most alarming incidents of 2024, North Korean hackers targeted Radiant Capital, a decentralized finance (DeFi) platform, stealing $50 million.
The breach, linked to the DPRK-aligned group “UNC4736” or “Citrine Sleet,” began with a deceptive Telegram message sent to a Radiant developer. The message contained malware hidden in a zip file, mimicking a trusted contractor’s document.

A Broader Pattern of Cyber Attacks

Analysts suggest that North Korean hackers are increasingly targeting larger sums. In 2024, decentralized finance (DeFi) platforms faced the highest number of attacks in the first quarter, while centralized exchanges became the primary targets in subsequent quarters.

Experts believe North Korea’s crypto theft activities fund significant parts of its economy and military projects. The U.S. government estimates that as much as a third of the country’s missile program budget comes from cybercrime.

While North Korea had a “very active year” in hacking, Chainalysis observed a decline in activity after mid-2024.

The report noted: “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.”

This observation hints at possible geopolitical shifts. North Korea’s deepening ties with Russia may have influenced its dependency on crypto thefts.

However, experts warn that hackers often become more active during holiday seasons, so the year-end figures may still rise.

Despite the decline in global hacking incidents, the 2024 figures remain well below the $3.7 billion stolen in 2022, the highest year on record.

As the crypto industry grows, so does the need for robust security measures to protect against such sophisticated threats.

About Jimmy Aki PRO INVESTOR

Based in the UK, Jimmy is an economic researcher with outstanding hands-on and heads-on experience in Macroeconomic finance analysis, forecasting and planning. He has honed his skills having worked cross-continental as a finance analyst, which gives him inter-cultural experience. He currently has a strong passion for regulation and macroeconomic trends as it allows him peek under the global bonnet to see how the world works.