North Korea-linked hackers stole a record-breaking $1.34 billion in cryptocurrency this year, Bloomberg reports, citing a report released Thursday by blockchain analytics firm Chainalysis.
This represents more than half of the total $2.2 billion stolen from cryptocurrency platforms in 2024 and marks a significant escalation from the $660.5 million stolen in 2023.
The report highlights the increasing sophistication of North Korean cyberattacks, which now utilize advanced techniques such as exploiting remote work opportunities to infiltrate companies and steal vast sums of digital assets. The 47 incidents attributed to North Korean groups in 2024 represent a substantial increase from the 20 incidents reported in 2023.
This alarming trend underscores a growing national security concern for the United States. The US Department of Justice recently indicted 14 North Korean nationals for allegedly committing fraud and money laundering while working remotely for American companies. These individuals allegedly stole over $88 million through the theft of proprietary information and extortion.
Chainalysis noted that after stealing cryptocurrency, the hackers often launder the funds through decentralized financial exchanges, mining services, and other crypto mixing services to obscure their origins. This makes tracing and recovering the stolen funds exceptionally difficult.
While North Korean hackers stole slightly more than $1 billion in 2023 – down from $1.7 billion in 2022 – the surge in 2024 represents a concerning resurgence in their illicit activities. Researchers at various cybersecurity firms have linked these attacks to the Reconnaissance General Bureau, highlighting the use of specialized, previously unknown hacking tools and fake employment websites to deceive victims.
US officials have long alleged Pyongyang’s reliance on cryptocurrency heists to circumvent international sanctions and fund its weapons programs.
