North Korea-affiliated cryptocurrency thefts more than double in 2024: Report
File photo shows the flag of North Korea. (AA Photo)
U.S.-based cryptocurrency database Chainalysis reported that North Korea-linked cryptocurrency thefts more than doubled compared to 2023, reaching a record high of approximately $1.3 billion in 2024.
According to Chainalysis’ Dec. 19 report, the total amount of funds stolen through cyberattacks on cryptocurrency platforms increased by 21% compared to the previous year’s $1.8 billion, totaling $2.2 billion in 2024.
This marks the fourth consecutive year in which the total stolen funds surpassed $1 billion, with North Korea-affiliated cyber thefts accounting for 59% of the total amount.
In 2023, North Korean hackers were estimated to have stolen approximately $660.50 million across 20 cases. This year, they have been accused of executing 47 attacks, stealing $1.34 billion—a growth of 102.88% in stolen value. The data shows that 61% of the total stolen funds and roughly 20% of all incidents occurred this year.
A United Nations (U.N.) investigation in 2024 unveiled that dozens of suspected cyberattacks from North Korea seized approximately $3 billion worth of cryptocurrency for financing a nuclear weapons development program, Reuters reported on Feb. 7.
North Korea-led cyber attacks raised as much as cryptocurrency tremendous rally in 2024
The rise in cryptocurrency-related attacks in 2024 coincided with Bitcoin gaining 140% in market value, surpassing the $100,000 mark, increased institutional participation, and particularly the election victory of pro-cryptocurrency U.S. President-elect Donald Trump.
According to the report, private key theft—granting access to users’ assets—constituted the majority of stolen cryptocurrency in 2024.
Most attacks targeted centralized platforms.
Among the year’s most notable incidents were the theft of $305 million from Japan’s DMM Bitcoin exchange in May and approximately $235 million stolen from an Indian exchange in July.
