North Korean hackers stole $1.3bn of crypto this year.
A total of $2.2 billion (£1.76 billion) in cryptocurrencies has been stolen in 2024, with North Korean hackers responsible for more than half of that amount, according to a new study by research firm Chainalysis. The report reveals that hackers affiliated with North Korea stole $1.3 billion worth of digital currencies, more than double the amount they seized last year.
The study highlights that some of these thefts are linked to North Korean hackers posing as remote IT workers to infiltrate cryptocurrency and other technology firms. This tactic allowed them to gain access to sensitive systems and assets, underscoring the growing sophistication of their operations.
The surge in cryptocurrency theft comes as bitcoin prices have more than doubled this year. The report notes that the increase in value may have been fueled by expectations that incoming US President Donald Trump will adopt a more crypto-friendly stance compared to his predecessor, Joe Biden.
Despite the rise in stolen cryptocurrency in 2024, the total amount remains below the levels recorded in 2021 and 2022. However, the report points out that the 21% increase from 2023 highlights the evolving and increasingly complex threat landscape facing the cryptocurrency industry.
The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape, the study states. The report emphasizes that most of the cryptocurrency stolen this year resulted from compromised private keys. Private keys are critical to controlling access to users' assets on crypto platforms, making them a prime target for hackers.
Centralized exchanges, which manage substantial amounts of user funds, are particularly vulnerable to private key compromises. “The impact of a private key compromise can be devastating, the report notes, urging platforms to bolster their security measures to protect users and their assets.
The findings underscore the persistent threat posed by North Korean hackers, who have become increasingly adept at exploiting vulnerabilities in the cryptocurrency sector. Their actions not only threaten the financial security of crypto users but also contribute to broader concerns about cybersecurity and global financial stability.
As the cryptocurrency industry continues to grow, the report calls for heightened vigilance and enhanced security measures to counter the evolving tactics of cybercriminals. With billions at stake, the need for robust defenses against threats like private key compromises and insider infiltration has never been more critical.
The study’s revelations serve as a wake-up call for the cryptocurrency sector, highlighting the urgent need to address vulnerabilities and strengthen defenses against sophisticated cyber threats.
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