Introduction
North Korea’s hackers set new records in 2024. They stole $1.6 billion in crypto this year, according to Chainalysis. In fact, this is much higher than the $660.5 million stolen in 2023. It shows how cybercrime funds the regime’s plans. Moreover, hackers linked to North Korea stole 61% of all crypto this year. Hackers drained $2.2 billion from platforms in 2024. North Korea carried out 47 attacks, which is double the number in 2023. Additionally, these attacks targeted crypto platforms and DeFi systems. Experts believe the stolen money is used to fund weapons and missiles.
Smarter Tactics From Crypto Hackers
Meanwhile, North Korean hackers are using better methods now. For example, they spread advanced malware and trick workers with social engineering. They also pose as remote workers to get access to companies. In one case, U.S. authorities indicted 14 North Koreans for using fake names to get IT jobs. They earned $88 million through stealing data and blackmailing firms. As a result, the scale of these attacks is growing. In 2024, more hacks were worth over $100 million than in past years. Smaller attacks under $50 million also increased. This shows that North Korean hackers can steal on both large and small scales.
The global community has worried for years about North Korea’s use of cybercrime. U.S. officials say up to one-third of the country’s missile program funding comes from stolen funds. This makes cybercrime a key tool for North Korea to bypass sanctions.
Hacking Slows After June
Most of North Korea’s crypto theft happened in the first half of 2024. Hacking slowed after June. Experts think this is linked to closer ties between North Korea and Russia. For instance, in June, Kim Jong Un met with Vladimir Putin. Thus, this meeting marked stronger cooperation between the two nations. Chainalysis suggests the meeting may have led to a shift in focus. Some resources may have been redirected toward helping Russia’s war in Ukraine. This may explain the drop in hacking activity.
North Korea Still Leads in Crypto Theft
Even with the slowdown, 2024 was a record year for North Korean hackers. They were responsible for two-thirds of all crypto hacks worldwide. The $1.6 billion stolen makes them the dominant force in this space. These crimes harm the global crypto market. They also help fund weapons programs, which is a major global concern. The number and scale of these attacks make them harder to stop. North Korea’s hacking shows no signs of slowing long-term. Their tactics grow more advanced each year. This makes stopping their attacks more challenging.
Urgent Global Action Needed
The world must act quickly to counter this threat. As North Korea improves its methods, the risk to crypto markets grows. Stronger international efforts are needed to block these crimes and stop their impact on global security.
The post North Korea Stole $1.6B in Crypto in 2024 first appeared on The VR Soldier.
