North Korean hackers looted cryptocurrency worth whopping $1.3B this year
What's the story
Cybercriminals have managed to steal a whopping $2.2 billion from different cryptocurrency platforms in 2024, a new report from Chainalysis has revealed.
The blockchain analytics firm also disclosed that North Korean hackers were behind the theft of $1.3 billion of this dirty money, contributing to over half (61%) of the total stolen amount.
This is the fifth time in the last decade that cyber thieves stole over $1 billion from crypto firms in a year.
Rising trend
Crypto thefts saw a significant increase in 2024
The report also noted a major spike in crypto thefts this year, with individual attacks rising 7% to 303 from last year's 282.
The total value stolen in the first half of the year stood at $1.58 billion, an 84% increase over the same period in 2023.
However, cyberattacks on cryptocurrency platforms slowed down during second half of 2024 due to geopolitical reasons.
Record breach
North Korean hackers set new record for cryptocurrency theft
North Korean hackers broke their own record for cryptocurrency theft in 2024, stealing some $1.34 billion across 47 incidents.
This is a huge jump from last year when they stole some $660.5 million through 20 incidents.
The report highlighted that these cybercriminals are getting better at executing high-value breaches, clearly dominating large-scale attacks involving sums between $50 to $100 million and over $100 million.
Infiltration tactics
IT workers in North Korea infiltrate crypto firms
The report also revealed that North Korean IT workers have increasingly been infiltrating cryptocurrency and Web3 companies, compromising them with advanced tactics.
These include using false identities, third-party hiring intermediaries, and exploiting remote work opportunities.
Earlier this year, the US Department of Justice (DOJ) arrested 14 North Korean nationals who posed as remote IT employees for US companies and were accused of stealing proprietary information and extorting employers.