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North Korea-linked hackers have stolen an astonishing $1.3 billion in cryptocurrency in 2024, more than doubling the amount stolen in 2023. The new data, released by Chainalysis on December 19, highlights escalating concerns over the country’s cyber activities and their potential link to funding weapons of mass destruction.
2024: A Record Year for DPRK Crypto Hacks
According to the Chainalysis report, North Korean hackers were responsible for 47 major incidents in 2024, marking a 102.88% increase compared to the previous year.
The report reveals that:
- Attacks valued between $50 million and $100 million and those exceeding $100 million became significantly more frequent in 2024.
- This marks a stark shift from previous years, where exploits often yielded profits below $50 million.
The report attributes this increase to North Korea’s growing expertise in orchestrating large-scale cyber exploits.
Advanced Tactics by North Korean IT Workers
North Korean cybercriminals are also leveraging sophisticated tactics to infiltrate crypto and Web3 companies.
Key strategies include:
- Assuming False Identities: Masquerading as legitimate employees.
- Remote Work Exploitation: Manipulating remote access protocols.
- Third-Party Intermediaries: Operating as hiring agents to gain access to sensitive systems.
These methods have allowed hackers to compromise networks, disrupt operations, and steal critical information from blockchain companies.
A Shift in Strategy After Putin-Kim Summit
Interestingly, the report notes a drop in hacking activity following a June summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un.
Chainalysis suggests that North Korea may have redirected its cybercriminal resources towards military support for Russia in the Ukraine conflict, altering its strategy to align with its geopolitical goals.
North Korean Crypto Threats Highlight Blockchain Vulnerabilities
The findings come shortly after the U.S. Department of Justice indicted 14 North Korean IT professionals on December 12 for their role in a long-running IT fraud scheme.
These individuals:
- Used fake identities to commit wire fraud and money laundering.
- Funneled stolen funds back to North Korea, violating U.S. sanctions.
With North Korea’s crypto attacks on the rise, Chainalysis urges blockchain companies to strengthen their defenses and collaborate with law enforcement.
Strengthening Blockchain Security
Chainalysis concludes that building stronger partnerships with regulatory and law enforcement agencies is essential to combat crypto theft.
“By fostering stronger partnerships with law enforcement and equipping teams with the resources and expertise to respond rapidly, the crypto industry can reinforce its defenses against theft,” the report states.
Such efforts are critical not only for safeguarding individual assets but also for maintaining trust and stability in the digital ecosystem.
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