North Korean Hackers Amass $1.34 Billion in Crypto: 61% of 2024’s Stolen Funds!

North Korean hackers have set a new benchmark in cryptocurrency theft, amassing $1.34 billion in 2024 across 47 attacks, according to Chainalysis. The staggering amount constitutes 61% of all stolen funds this year, representing a 102.88% increase compared to 2023 when $660.5 million was stolen across 20 incidents.

The year saw a record-breaking 303 cryptocurrency-related thefts globally, with the bulk of incidents occurring between January and July, accounting for 72% of the total losses.

Among the most significant attacks were the $305 million hack on DMM Bitcoin in May and the $235 million heist at WazirX in July. These incidents largely targeted DeFi platforms, followed by centralized services, with private key compromises responsible for 44% of the losses.

Hackers’ Small-Scale Attacks and Developments

Beyond the major heists, North Korean hackers diversified their tactics, increasingly targeting smaller-value wallets. In June, CoinStats reported 1,590 compromised cryptocurrency wallets, showcasing their growing ability to exploit vulnerabilities in different segments of the crypto ecosystem.

Adding to these troubling trends, Cybertecwiz highlighted unsettling developments involving North Korean-linked hackers trading on Hyperliquid. Such activity raises alarms over the possibility of hackers attempting to launder stolen funds through sophisticated trading platforms.

Another Cybertecwiz report revealed North Korea’s involvement in a $41 billion Ethereum theft from Upbit, underscoring the scale of the threat posed by these state-sponsored actors.

These incidents not only amplify the financial risks within the cryptocurrency market but also hint at the strategic intent behind North Korea’s hacking spree—to generate revenue for funding its weapons programs.

The Road Ahead

The sharp increase in both large-scale and small-value attacks demonstrates the evolving tactics of North Korean cybercriminals. While security audits have reduced the exploitation of platform vulnerabilities, private key compromises remain a major concern.

As the cryptocurrency market continues its bull run, heightened vigilance, and proactive security measures are critical to countering these persistent threats. The rising frequency and sophistication of these attacks emphasize the need for global collaboration in combating state-sponsored cybercrime.