North Korean hackers responsible for 61% of $2.2 billion stolen in 2024

In 2024, hackers associated with North Korea set a new cryptocurrency theft record. Known for their advanced skills in malware deployment, social engineering, and crypto asset theft, these hackers typically channel stolen funds into state-sponsored projects, including weapons of mass destruction and missile programs, bypassing the global sanctions.

In 2023, they stole about $660.5 million through 20 incidents, but this amount increased to $1.34 billion in 47 cases in 2024, representing a 102.88% increase in stolen value.

North Korea set record for crypto theft in 2024

According to the latest Chainalysis report shared with CryptoPotato, the frequency of North Korean cryptocurrency attacks continues to grow, although the total number of incidents at all scales has decreased year-over-year. Particularly in 2024, there was a notable increase in large-scale attacks involving $50-100 million and amounts above $100 million.

This suggests that North Korea is becoming more efficient at orchestrating high-value breaches, a marked change from the past two years, when its attacks predominantly generated less than $50 million per incident.

North Korean IT operatives have increasingly infiltrated crypto and Web3 companies, compromising their systems and integrity. Using advanced tactics such as false identities, third-party recruitment intermediaries and exploiting remote work opportunities, they gain access to sensitive networks.

In one notable case, the U.S. Department of Justice indicted 14 North Korean nationals who posed as remote IT employees of U.S. companies, stealing proprietary information and extorting employers, resulting in $88 million dollars in illicit proceeds.

The dominance of hacking goes down by the end of 2024

While North Korea’s exploits dominate this year’s hacking statistics, the global picture highlights the continued threat of crypto theft. Total stolen funds reached $2.2 billion in 2024, marking the fifth year in the last decade where more than $1 billion was stolen. This means North Korea accounts for 61% of all stolen crypto for the year and 20% of all incidents.

Interestingly, while hacking activity increased in the first half of 2024, with $1.58 billion stolen in July, up more than 84% from the same period in 2023, it slowed significantly in the second half. The data reveals a 53.73% drop in stolen funds after July 1, 2024. This decline may be linked to a shift in priorities as North Korea strengthens ties with Russia and possibly redirects resources to the conflict in Ukraine.

However, events in December or holiday attacks could still change the overall picture, the blockchain data platform warned.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!