North Korean Hackers Make Off with 1.3 BILLION in Crypto This Year

North Korean hackers brazenly stole a staggering $1.34 billion in cryptocurrency in 2024, accounting for 61% of all crypto theft worldwide.

At a Glance

  • Cryptocurrency theft reached $2.2 billion globally in 2024, a 21% increase from the previous year
  • North Korea-linked hackers were responsible for 61% of all stolen crypto, totaling $1.34 billion
  • The Lazarus Group, a North Korean hacking team, has stolen over $3 billion in cryptocurrency since 2017
  • Hackers employed sophisticated tactics, including impersonating venture capitalists and job recruiters
  • Decentralized Finance (DeFi) platforms were primary targets in early 2024, with a shift to centralized services later in the year

North Korea’s Dominance in Crypto Theft

In a shocking revelation, North Korean hackers have solidified their position as the world’s most prolific crypto thieves. The rogue nation’s cyber army managed to pilfer an astounding $1.34 billion in digital assets during 2024, marking a 102.88% increase from the previous year’s haul of $660.5 million. This surge in illicit activity has raised alarm bells across the global cryptocurrency landscape, highlighting the urgent need for enhanced security measures.

The scale of North Korea’s cyber operations is staggering. These state-sponsored hackers were responsible for a whopping 61% of all cryptocurrency stolen globally in 2024. This domination of the criminal landscape underscores the regime’s reliance on digital theft to fund its operations and bypass international sanctions. The stolen funds are believed to be funneled into North Korea’s weapons programs, including the development of nuclear capabilities and ballistic missiles.

Sophisticated Tactics and Evolving Strategies

The North Korean hackers, particularly the infamous Lazarus Group, have demonstrated an alarming level of sophistication in their attacks. They’ve shifted tactics, now impersonating venture capitalists and job recruiters to target unsuspecting victims. This evolution in strategy has proven devastatingly effective, allowing them to steal over $3 billion in cryptocurrency since 2017.

One particularly brazen attack saw the Lazarus Group pose as a Hong Kong-based venture capital firm, successfully swindling a crypto startup out of $34 million. The hackers used a fake Telegram account to contact the company’s CEO, eventually tricking them into installing malware called CryptoMimic. This incident exemplifies the cunning nature of these cyber criminals and the need for heightened vigilance in the crypto industry.

The Global Impact and Response

The surge in cryptocurrency theft has sent shockwaves through the financial world. In 2024, the total value of stolen digital assets reached $2.2 billion, marking a 21% increase from the previous year. This trend has persisted for several years, with over a billion dollars worth of crypto being hacked annually since 2018.

Law enforcement agencies worldwide are stepping up their efforts to combat this threat. The FBI has been actively investigating these cyber attacks, managing to freeze $3.2 million in stolen cryptocurrencies on exchanges like Binance and MEXC. Additionally, the U.S. Department of Justice indicted 14 North Korean nationals for posing as remote IT employees, a scheme that resulted in $88 million in illicit earnings.

RELATED ARTICLESMORE FROM AUTHOR