North Korean groups have stolen a record $1.34 billion through cryptocurrency hacks in 2024, which is more than double the amount stolen last year. This surge highlights how crucial cybercrime has become for funding North Korea’s nuclear and missile programs, with estimates suggesting that around a third of their missile funding comes from these criminal activities. Notably, North Korea now accounts for two-thirds of global cryptocurrency hacks. However, after a recent partnership with Russia, their hacking activities have slowed down, indicating a possible shift away from reliance on cyber theft. This trend suggests they may have less need for such operations as they gain more support from Russia.
North Korea’s Cryptocurrency Heists Surge to $1.34 Billion
North Korea has become a major player in the world of cryptocurrency theft, with its hackers stealing an astounding $1.34 billion this year alone. This figure marks the highest level of cryptocurrency thefts on record for the isolated nation, highlighting how crucial this illicit revenue source has become for the Pyongyang regime.
According to blockchain research firm Chainalysis, the amount stolen from North Korean-affiliated groups across 47 incidents in 2024 is more than double what was taken last year. Currently, North Korea is responsible for about two-thirds of all global cryptocurrency hacks. This alarming trend showcases the increasing sophistication of their cyber operations.
US officials have labeled North Korean operatives as “the world’s leading bank robbers,” having cultivated a highly skilled hacking force over the years. These cyber thieves are not just after money; they also fund some of North Korea’s nuclear and missile programs through these operations. A United Nations panel of experts has indicated that the money obtained from cyber crimes significantly supports the nation’s questionable military objectives.
In one of the most daring cases reported this year, North Korean hackers successfully stole 4,500 bitcoins, valued at around $305 million, from the Japanese exchange DMM Bitcoin. After the heist, much of the stolen bitcoin was traced through a network of intermediaries to a crypto exchange in Cambodia. Following the breach, DMM Bitcoin announced it would shut down and transfer customer accounts to other platforms.
While cryptocurrency theft is on the rise, Chainalysis reports that overall cryptocurrency theft increased by 21% this year, reaching a total of $2.2 billion with 303 hacks recorded. The soaring price of bitcoin, now exceeding $100,000, has likely contributed to the frenzy.
Interestingly, North Korean hacking activities appear to be slowing. Since Kim Jong Un and Vladimir Putin formed a strategic partnership in June, North Korea has started receiving more support from Russia. Analysts suggest that this newfound alliance may reduce North Korea’s reliance on cybercrime, as the average daily cryptocurrency losses attributed to the country have halved in recent months.
In summary, while North Korea continues to exploit cryptocurrency hacks to fund its operations, changing political dynamics may lead to a decline in its cybercriminal activities. As the situation evolves, the global community will be watching closely.
Tags: North Korea, cryptocurrency theft, hacking, Chainalysis, Kim Jong Un, cybersecurity, blockchain
What happened with North Korea and crypto hacks?
In 2024, North Korea was accused of stealing $1.3 billion worth of cryptocurrencies. They did this by hacking into various exchanges and stealing digital assets.
How did North Korea manage to hack into these exchanges?
North Korea used advanced hacking techniques and tools. They often targeted weaknesses in security systems of the exchanges, making it easier for them to gain access and steal funds.
What does this mean for the crypto world?
This incident raises concerns about security in the cryptocurrency Market. People are worried about the safety of their digital assets and whether exchanges can protect them from such hacks in the future.
Are there any actions being taken to prevent further hacks?
Yes, many exchanges and governments are stepping up their security measures. They are investing in better technology and sharing information to protect against similar hacks.
What can individuals do to keep their crypto safe?
Individuals should use strong passwords, enable two-factor authentication, and keep their wallets private. It’s also important to stay informed about security updates from exchanges.
