In 2024, North Korean hackers broke records for cryptocurrency theft, stealing $1.34 billion across 47 incidents, a 102.88% increase from the previous year. Known for their advanced skills in malware deployment, social engineering, and crypto asset theft, these hackers often channel stolen funds into state-sponsored projects like weapons of mass destruction and missile programs, circumventing global sanctions.

According to a report by Chainalysis, the frequency of North Korea’s cryptocurrency attacks is increasing, even as the total number of incidents has declined year-over-year. In 2024, there was a noticeable increase in large-scale attacks involving $50-$100 million and amounts exceeding $100 million.

This suggests that North Korea is becoming more efficient at orchestrating high-value breaches, a significant change from the past two years when their attacks mostly generated less than $50 million per incident. North Korean IT workers have infiltrated crypto and Web3 companies, compromising their systems and integrity.

They use advanced tactics such as false identities, third-party hiring intermediaries, and exploiting remote work opportunities to gain access to sensitive networks. While North Korea’s hacking activities dominate the statistics for 2024, the global landscape highlights the continued threat of crypto theft.

Total stolen funds reached $2.2 billion for the year, marking the fifth year in the past decade where over $1 billion was stolen. This means that North Korea accounts for 61% of the total stolen crypto for the year and 20% of all incidents. Interestingly, while hacking activity surged in the first half of 2024, with $1.58 billion stolen by July – over 84% higher than the same period in 2023 – it slowed significantly in the latter half.

Data reveals a 53.73% drop in stolen funds after July 1, 2024. This decline may be tied to shifting priorities as North Korea strengthens ties with Russia and possibly redirects resources to the Ukraine conflict. However, December events or holiday attacks could still change the overall picture, the blockchain data platform warned.

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