North Korean hackers steal $1.3bn in cryptocurrency amid rising global crypto theft

Cryptocurrency theft reached $2.2 billion globally in 2024, with North Korean hackers responsible for over half, according to a new Chainalysis report.

Hackers affiliated with the regime stole $1.3 billion in digital currencies, more than double their 2023 total.

Some thefts were linked to North Korean operatives allegedly posing as remote IT workers to infiltrate cryptocurrency and technology firms.

The report highlighted that compromised private keys—critical to accessing and securing digital assets—accounted for most of the thefts.

Notable incidents include the $300 million loss from Japan’s DMM Bitcoin and $235 million stolen from India-based exchange WazirX.

Despite the 21% rise in theft compared to last year, the total remains below the peaks of 2021 and 2022.

“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape,” Chainalysis stated, emphasizing the vulnerability of centralized exchanges managing large user funds.

The US government has accused North Korea of leveraging cybercrime and cryptocurrency theft to evade sanctions and fund its weapons programs.

Last week, a federal court in St. Louis indicted 14 North Koreans for an alleged scheme to extort funds from US companies.

The US State Department announced a reward of up to $5 million for information about the conspiracy, underscoring growing international efforts to curb cybercrime and hold North Korean operatives accountable.