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In 2024, cybercriminals associated with North Korea pilfered $1.3 billion in cryptocurrency—more than double the amount stolen in 2023—amid ongoing concerns regarding the nation’s weapons of mass destruction program, according to new data released by Chainalysis on December 19.
Chainalysis Report Indicates Rise in DPRK Crypto Theft Value
The blockchain analytics company reported that this remarkable figure stems from 47 incidents in 2024, reflecting a 102.88% increase compared to the previous year.
Chainalysis also observed that the Democratic People’s Republic of North Korea (DPRK) is experiencing a rise in the frequency of its crypto attacks, as the nation is “improving and accelerating its capacity for large-scale exploits.”
“Significantly, incidents involving thefts between $50 and $100 million, as well as those exceeding $100 million, occurred much more often in 2024 than in 2023,” the report notes. “This contrasts sharply with the prior two years, during which the majority of its exploits yielded profits below $50 million.”
Additionally, Chainalysis highlighted a rise in hacks associated with North Korean IT personnel who have been “increasingly infiltrating crypto and Web3 firms, compromising their networks, operations, and integrity.”
The methods employed by these cybercriminals to gather essential hacking information include adopting false identities, manipulating remote work access, and acting as third-party recruitment intermediaries.
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However, data indicates a notable decline in the authoritarian regime’s hacking activities following Russian President Vladimir Putin’s summit with North Korean leader Kim Jong Un in June.
The report implies that North Korea may have adjusted its cybercrime strategy as it enhances cooperation with Russia and reallocates military resources to the conflict in Ukraine.
North Korean Cybercriminals Present Risk to Blockchain Industry
The release of the latest Chainalysis data comes just a week after the U.S. Department of Justice charged 14 North Korean individuals in the IT sector for orchestrating a prolonged IT fraud operation that breached U.S. sanctions.
As per a press release dated December 12, the indicted individuals employed false identities to engage in wire fraud and money laundering as part of a scheme to funnel funds back to North Korea.
With the increase in crypto attacks from the Kim Jong Un-led regime, Chainalysis is urging blockchain companies to work alongside U.S. authorities to mitigate the risk of severe hacks.
“By establishing stronger collaborations with law enforcement and providing teams with the necessary resources and expertise for swift responses, the crypto industry can bolster its defenses against theft,” the report concludes. “Such initiatives are vital not only for safeguarding individual assets but also for fostering long-term trust and stability within the digital ecosystem.”
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