North Korean hackers have stolen a staggering $1.34 billion (€1.28 billion) in cryptocurrency in 2024, according to a report by blockchain analysis firm Chainalysis. This figure represents nearly 60% of the total $2.2 billion (€2.11 billion) stolen globally from crypto platforms this year, marking a 21% rise in worldwide crypto thefts.
The amount stolen by North Korea-linked groups has surged by 102% compared to 2023, when $660.5 million was taken. Analysts suggest that the North Korean government, isolated by international sanctions, has turned to cryptocurrency theft to fund its nuclear weapons and ballistic missile programmes.
Chainalysis highlighted the hackers’ use of advanced malware, social engineering, and sophisticated techniques to bypass security measures. These tactics include employing false identities, hiring through intermediaries, and exploiting remote work opportunities to infiltrate cryptocurrency firms.
The report follows growing concerns about the regime’s use of stolen funds for state-sponsored operations. This year, leader Kim Jong Un oversaw simulated nuclear counterattack drills, underscoring the link between cyber theft and military ambitions.
One high-profile attack involved the theft of 4,502.9 Bitcoin, worth $305 million, from the Japanese exchange DMM Bitcoin. Meanwhile, the US Department of Justice has intensified its crackdown, indicting 14 North Korean nationals accused of stealing $88 million through fraudulent employment as IT workers.
The theft comes as Bitcoin rallies to record highs, fuelled by US president-elect Donald Trump’s plan to create a strategic bitcoin reserve. The rise in crypto-related crimes highlights the ongoing challenges in securing digital assets amid increasing global tensions.
