North Korean Hackers Responsible for 61% of $2.2B Stolen in 2024

In 2024, hackers related to North Korea set a brand new file for cryptocurrency theft. Infamous for his or her superior abilities in malware deployment, social engineering, and crypto asset theft, these hackers usually channel stolen funds into state-sponsored initiatives, together with weapons of mass destruction and missile applications, bypassing world sanctions.

In 2023, they stole round $660.5 million by way of 20 incidents, however this quantity surged to $1.34 billion throughout 47 circumstances in 2024, marking a 102.88% enhance in stolen worth.

North Korea Units Crypto Theft File in 2024

Based on the newest report by Chainalysis shared with CryptoPotato, the frequency of North Korea’s cryptocurrency assaults continues to develop, at the same time as the entire variety of incidents throughout all scales has declined year-over-year. Notably in 2024, there was a noticeable uptick in large-scale assaults involving $50-$100 million and quantities exceeding $100 million.

This means that North Korea is turning into extra environment friendly in orchestrating high-value breaches, a notable change from the previous two years when their assaults predominantly generated lower than $50 million per incident.

North Korean IT employees have more and more infiltrated crypto and Web3 corporations, compromising their programs and integrity. Utilizing superior ways like false identities, third-party hiring intermediaries, and exploiting distant work alternatives, they acquire entry to delicate networks.

In a single notable case, the US Division of Justice indicted 14 North Korean nationals who posed as distant IT workers for US corporations, stealing proprietary info and extorting employers, leading to $88 million in illicit earnings.

Hacking Dominance Dips in Late 2024

Whereas North Korea’s exploits dominate this yr’s hacking statistics, the worldwide panorama highlights the continued risk of crypto theft. Complete stolen funds reached $2.2 billion in 2024, marking the fifth yr up to now decade the place over $1 billion was stolen. Which means that North Korea accounts for 61% of the entire stolen crypto for the yr and 20% of all incidents.

Curiously, whereas hacking exercise surged within the first half of 2024, with $1.58 billion stolen by July – over 84% greater than the identical interval in 2023 – it slowed considerably within the latter half. Information reveals a 53.73% drop in stolen funds after July 1, 2024. This decline could also be tied to shifting priorities as North Korea strengthens ties with Russia and presumably redirects assets to the Ukraine battle.

Nonetheless, December occasions or vacation assaults might nonetheless change the general image, the blockchain knowledge platform warned.