Report: North Korean Hackers Account for $1.3 Billion in Crypto Thefts This Year

A new study reveals that $2.2 billion (£1.76 billion) in cryptocurrencies has been stolen this year, with North Korean hackers responsible for over half of that amount. According to the research firm Chainalysis, hackers linked to the reclusive state purloined $1.3 billion in digital currencies, a figure more than double their haul from the previous year. The report indicates that some of these thefts appear to be connected to North Korean hackers who posed as remote IT workers to infiltrate cryptocurrency and other technology companies. This information emerges as the price of bitcoin has more than doubled this year, amidst expectations that incoming US president Donald Trump will adopt a more crypto-friendly stance than his predecessor, Joe Biden. Overall, the amount of cryptocurrency stolen by hackers in 2024 saw a 21% increase from last year, yet it remained below the levels recorded in 2021 and 2022, the report stated. “The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape.” It noted that the majority of crypto stolen this year resulted from compromised private keys, which are used to control access to users’ assets on crypto platforms. The study further added, “Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating.” Among the most significant incidents this year were the theft of the equivalent of $300 million in bitcoin from the Japanese cryptocurrency exchange DMM Bitcoin, and the loss of nearly $235 million from WazirX, an India-based crypto exchange. The US government has stated that the North Korean regime utilizes cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and generate funds. Last week, a federal court in St Louis indicted 14 North Koreans, alleging their involvement in a long-running conspiracy aimed at extorting funds from US companies and funneling money to Pyongyang’s weapons programs. The US State Department also announced an offer of a reward of up to $5 million for anyone who could provide more information about the alleged scheme. Copyright 2024 BBC. All rights reserved. The BBC is not responsible for the content of external sites. Read about our approach to external linking.