Crypto Heists Surge: North Korean Hackers Responsible for 61% of $2.2B Stolen in 2024

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As a researcher who has spent years tracking cybercrime trends, particularly those involving North Korea, I find it both alarming and intriguing that these hackers continue to push the boundaries of innovation and audacity in their crypto theft activities. The staggering increase in stolen value from 2023 to 2024 is a clear indication that they are becoming more efficient at orchestrating high-value breaches, a shift that was not anticipated in my previous forecasts.

In the year 2024, I found myself part of an unsettling tale where North Korean hackers outshone their peers in a chilling milestone – cryptocurrency heists. Renowned for their formidable expertise in malware distribution, social manipulation, and digital currency pilferage, these cybercriminals often divert the ill-gotten gains towards state-backed initiatives such as weapons of mass destruction and missile development programs. This covert funding mechanism enables them to circumvent international sanctions unnoticed.

In the year 2023, they managed to pilfer approximately $660.5 million through 20 separate incidents. However, this figure escalated dramatically to $1.34 billion across 47 occurrences in 2024, signifying a significant jump of 102.88% in the total value stolen.

North Korea Sets Crypto Theft Record in 2024

Based on a recent analysis by Chainalysis as detailed to CryptoPotato, it appears that the incidence of cyberattacks targeting cryptocurrencies from North Korea is escalating. Remarkably, while the overall number of such incidents has decreased annually, there was a significant surge in high-value attacks last year, with a focus on assaults valued between $50-$100 million and beyond $100 million.

It appears that North Korea might be improving its skills at executing sophisticated cyberattacks, which is a shift from the past two years where most of their incidents yielded less than $50 million each.

It’s become more common for North Korean IT specialists to penetrate cryptocurrency and Web3 firms, putting both the system and their trustworthiness at risk. Using sophisticated strategies such as creating fake identities, utilizing third-party recruitment agencies, and taking advantage of remote work settings, they manage to infiltrate secure networks.

In a significant instance, the United States Department of Justice brought charges against 14 North Koreans who pretended to be remote IT workers for American businesses. They secretly obtained confidential business data and blackmailed their employers, amassing an estimated $88 million through illegal activities.

Hacking Dominance Dips in Late 2024

2024 data shows that North Korean hacking activities have been the most significant contributor to global cybercrime this year, with a focus on cryptocurrency theft. The overall amount stolen reached an alarming $2.2 billion, marking the fifth consecutive year in the last decade where over $1 billion was pilfered. This implies that North Korea is responsible for approximately 61% of all crypto thefts in 2024 and about 20% of all cyber incidents globally.

Intriguingly, hacking incidents escalated dramatically during the initial six months of 2024, resulting in a staggering $1.58 billion being stolen by July – an increase of over 84% compared to the same period in 2023. However, these activities decreased substantially in the second half of the year, showing a decline of approximately 53.73% after July 1, 2024. This downturn might be connected to North Korea’s focus shifting towards strengthening ties with Russia and potentially reallocating resources to the ongoing conflict in Ukraine.

Nevertheless, incidents or attacks around the holidays in December might alter the big picture, the blockchain data platform cautioned.

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2024-12-19 16:08