North Korean Hackers Seize $1.34 Billion in Crypto in 2024

Since the beginning of the year, hackers linked to North Korea have stolen crypto assets amounting to $1.34 billion, marking a record high, according to a report by Chainalysis.

North Korean hackers stole more from crypto platforms than ever before: $1.34 billion, which represents 61% of the total amount stolen for the year. pic.twitter.com/tVBsOKW8U7

— Chainalysis (@chainalysis) December 19, 2024

“This accounts for 61% of the total amount stolen for the year,” analysts emphasized.

According to their observations, the total amount of stolen funds increased by 21% compared to 2023, reaching $2.2 billion from $1.8 billion; the number of incidents rose from 282 to 303.

In 2024, funds stolen increased by approximately 21.07% year-over-year (YoY) to $2.2 billion, and the number of individual hacking incidents increased from 282 in 2023 to 303 in 2024. pic.twitter.com/rZx8RH9a1u

— Chainalysis (@chainalysis) December 19, 2024

The chart below illustrates that the largest source of revenue for the perpetrators is linked to the compromise of private keys, accounting for 43.8%.

Private key compromises accounted for the largest share of stolen crypto in 2024, at 43.8%. pic.twitter.com/YmBdfYXIG1

— Chainalysis (@chainalysis) December 19, 2024

“North Korean-linked groups stole $1.34 billion in 47 incidents in 2024, significantly more compared to $660.5 million stolen in 20 attacks in 2023, according to the study,” writes Bloomberg.

According to Chainalysis, hackers often launder stolen crypto assets through decentralized exchanges, mining services, or crypto mixers to obscure their origins.

As reported by the UN, about half of North Korea’s foreign currency income is derived from cyberattacks.