In what is certainly a concerning development, North Korean hackers stole $1.3 billion in 2024 alone. Indeed, total hacks that originated in the country had reportedly doubled the amount that was stolen in 2023, according to blockchain research firm Chainalysis.
The illicit activity that originated in North Korea was more than half of the $2.2 billion that was stolen from cryptocurrency platforms in 2024, the firm stated. Moreover, the data shows that hacking in the crypto sector remains a continued concern. Indeed, stolen funds surpassed $1 billion for the fifth straight year.
JUST IN: 🇰🇵 North Korean hackers stole $1,300,000,000 this year. pic.twitter.com/BqjWvMXPV2
— Watcher.Guru (@WatcherGuru) December 23, 2024
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North Korean Hackers Steal $1.3 Billion in Crypto in Highest Amount to Date
2024 has proven to be a monumental year for the cryptocurrency sector. The industry has skyrocketed in both value and prominence. Not only did the US approve its first crypto-based ETF, but the hope for favorable regulation had Bitcoin reaching a six-figure price for the first time in its history.
Although the asset class has reached tremendous highs, it has also experienced notable setbacks. Among them is the data that shows North Korean hackers stole $1.3 billion in crypto over the course of 2024. That figure is its highest stolen amount year, and more than doubles what it stole last year.
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North Korea accounted for more than half of the $2.2 billion stolen through crypto hacks, Chainalysis reports. Moreover, many of these attacks come from hackers appearing as IT workers. Indeed, the 21% yearly increase in all cryptocurrency hacks saw decentralized finance (DeFi) platforms as the “primary target.”
According to the data, private key comprises were the largest culprit of stolen cryptocurrencies. Specifically, 43.8$ of these hacks were the result of private key-related issues. Bad actors will often use these private keys to funnel stolen funds through DEX, mining, or mixing services, Chainalysis also notes.
