Hackers from North Korea Stole $1.3 Billion in Crypto in 2024

WASHINGTON: According to Chainalysis Inc., hackers affiliated with North Korea have stolen more cryptocurrency from platforms this year than ever before. This surge in activity underscores their growing capabilities, which experts warn could pose a significant threat to U.S. national security.

According to a report released on Thursday by the blockchain analytics company, cybercriminals associated with North Korea used sophisticated techniques, like faking remote employment opportunities, to steal over $2.2 billion from various platforms in 2024.

Based on the company’s findings, there were 47 incidents in 2023 where North Korean-affiliated groups stole $1.34 billion.

Fourteen individuals from North Korea were indicted by the US Department of Justice on December 12. They were accused of participating in fraud and money laundering while employed as remote IT staffers for American corporations. According to the US, they made more than $88 million by stealing trade secrets and demanding money.

According to Chainalysis, once hackers steal virtual money, they frequently use decentralized financial exchanges, mining services, or other crypto-mixing services to hide the funds’ origin.

The business discovered that North Korean attackers stole little over $1 billion in 2023, a decrease from $1.7 billion the previous year.

Researchers from various cybersecurity companies have discovered that online hackers linked to the country’s Reconnaissance General Bureau have utilized specialist, exceptional hacking capabilities to target virtual currency platforms. They also use fake employment websites to deceive their victims.