North Korean Hackers Stole $1.6B in Crypto in 2024
North Korean hackers escalated their cybercrime activities in 2024, stealing a staggering $1.6 billion in cryptocurrency, according to a Chainalysis report. This figure represents a dramatic increase from $660.5 million in 2023, emphasizing the role of cybercrime in funding Pyongyang’s government and military programs.
A report has just come out showing that North Korean hackers are responsible for 61% of the $2.2 billion in cryptocurrency stolen from platforms around the world this year, to fund the regime’s weapons development and ballistic missile programs in an effort to circumvent international sanctions.
Increased Sophistication and Frequency
North Korea-linked cybercriminals executed 47 attacks in 2024, which is more than twice as many incidents recorded in 2023. These include the hack of decentralized finance systems and crypto exchanges through sophisticated means such as advanced malware and social engineering.
One of the major tactics has been hackers impersonating remote IT workers. The U.S. Department of Justice recently indicted 14 North Korean nationals who assumed fake identities to get remote jobs, ultimately generating over $88 million through data theft and extortion schemes.
The scale of these attacks is also increasing. In 2024, North Korean groups carried out more hacks of over $100 million than in any previous year. Smaller-scale incidents- less than $50 million-have also increased, suggesting a diversification in tactics.
A Shift Following Closer Russia Ties
Most of North Korea’s crypto thefts took place in the first half of 2024. Hacking activity slowed significantly after June, coinciding with growing ties between North Korea and Russia. Analysts say the regime may have shifted its cyber efforts following a meeting between Kim Jong Un and Vladimir Putin that underscored increased cooperation between the two nations.
The Chainalysis report suggests that one factor contributing to North Korea’s new direction could be its collaboration with Russia. The regime may be diverting resources to support Russia’s war efforts in Ukraine, or it may simply be pursuing other avenues of cybercrime.
Global Concerns and Implications
This includes continuing worry over North Korea’s rise in cybercrime activities meant to fund the state military programs. In particular, U.S. estimates account that up to one-third of the regime’s funding comes for missiles from illicit activities via online portals.
Despite a mid-year slowing, 2024 appeared to solidify North Korea’s position globally at the top of crypto thievery. It’s really hard to be as confrontational as Kim when people are afraid and concerned-as they should be-end.
