North Korean Hackers Stole $1.3 Billion In Crypto, Chainalysis Report Finds

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Julia Smith

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December 20, 2024

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Crypto hackers affiliated with North Korea stole $1.3 billion worth of crypto in 2024 – over double the amount looted in 2023. This happens against the backdrop of rising concerns over the country’s weapons of mass destruction program, per new Chainalysis data released on December 19.

Chainalysis Report Shows Increased DPRK Crypto Hack Value

According to the blockchain analytics firm, the stunning total represents 47 incidents from 2024, marking a 102.88% increase from the year before.

Chainalysis further noted the Democratic People’s Republic of North Korea’s (DPRK) crypto attacks are “becoming more frequent” as the country is “getting better and faster at massive exploits.”

“Notably, attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023,” the report states.“

This starkly contrasts with the previous two years, during which exploits often yielded profits below $50 million.

Chainalysis also notes increased hacks linked to North Korean IT workers who have been “infiltrating crypto and Web3 companies, and compromising their networks, operations, and integrity.”

Tactics used by crypto fraudsters to obtain pertinent hacking information include assuming false identities, manipulating remote working access, and operating as third-party hiring intermediaries.

However, data points to a significant drop in the authoritarian state’s hacking activity following Russian President Vladimir Putin’s meeting with North Korea leader Kim Jong Un at a summit in June.

The report suggests that North Korea may have altered its cyber criminality strategy as it increased cooperability with Russia and redirected military sources to the war in Ukraine.

North Korea Crypto Hackers Pose Threat To Blockchain Sector

News of the latest data from Chainalysis just a week after the U.S. Department of Justice indicted 14 North Korean individuals working in the IT sector for running a years-long IT fraud scheme that violated U.S. sanctions.

According to a December 12 press release, the indicted individuals utilized fake identities in order to commit wire fraud and money laundering as part of a scheme to siphon funds back to North Korea.

With the Kim Jong Un-led country’s crypto attacks on the rise, Chainalysis is imploring companies in the blockchain sector to collaborate with U.S. officials in hopes of preventing devastating hacks.

“By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defenses against theft,” the report concludes.

“Such efforts are not only critical for protecting individual assets, but also for building long-term trust and stability in the digital ecosystem.”