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The Democratic People’s Republic of Korea (DPRK)-affiliated hackers have appropriated at least $659 million in 2024 through various cryptocurrency thefts.
The United States, Japan, and South Korea issued a joint statement on Tuesday, outlining crypto thefts linked to North Korea and the entities that were targeted.
The statement cautioned the blockchain sector regarding the ongoing targeting that has compromised multiple organizations.
“Our three nations are collaborating to prevent thefts, including from private enterprises, by the DPRK and to recover stolen assets with the ultimate goal of denying the DPRK illicit revenue for its illegal weapons of mass destruction and ballistic missile programs,” the US government stated.
The DPRK-associated groups, including the infamous Lazarus Group, have exhibited a pattern of malicious behavior in cyberspace. The group laundered $200 million worth of cryptocurrency into fiat currency between August 2020 and October 2023, according to an investigation.
In October 2024, the US government initiated a legal complaint against the Lazarus Group to recover $2.6 million in stolen cryptocurrencies.
Governments Attribute Multiple 2024 Crypto Thefts to DPRK
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The United States, Japan, and the Republic of Korea highlighted several significant thefts in 2024 that accumulated millions in cryptocurrencies.
Japanese exchange DMM Bitcoin led the list with a $320 million loss in May 2024, due to a private key hack. In the same month, Bahrain-based crypto exchange Rain Management fell victim to a $14.8 million exploit, executed by North Korean actors.
Another notable crypto exchange, Upbit, experienced a $50 million loss in 2019. However, South Korean authorities confirmed last year that North Korean hackers were responsible for the cyberattack.
Indian crypto exchange WazirX’s $234 million cryptocurrency theft on July 18, 2024, was another significant incident that alarmed the community.
The joint statement has advised private sector entities, particularly in blockchain, to thoroughly review their previous government advisories and announcements. These notifications contained information about DPRK IT personnel that pose an insider threat to private sector partners.
“Enhanced collaboration between the public and private sectors of the three countries is essential to proactively disrupt these malicious actors’ cybercrime operations, protect private business interests, and secure the global financial system.”
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