North Korean hackers stole $1.34 billion

In 2024, North Korean hackers stole $1.34 billion worth of cryptocurrency.

North Korean hackers stole $1.34 billion CybercrimeIn 2024, North Korean hackers stole $1.34 billion worth of cryptocurrency.Posted on December 22, 2024, 20 hours agoBy The420.in

According to a research by blockchain analytics company Chainalysis, North Korean hackers have stolen an incredible $1.34 billion worth of cryptocurrencies in 2024 in a terrifying demonstration of their cyber capabilities. This sum represents 61% of the year’s total cryptocurrency theft, a 21% increase over 2023. North Korean hackers stole $1.34 billion

Although 303 assaults against digital assets established a record for the year, the overall damages fell short of the notorious $3.7 billion stolen in 2022. According to Chainalysis, 72% of this year’s heists took place between January and July. North Korean hackers stole $1.34 billion

Prominent Heists

The May DMM Bitcoin hack, which caused losses of over $305 million, and the July WazirX breach, which saw $235 million stolen, were two of the most prominent events. According to the research, these attacks primarily targeted decentralized finance (DeFi) services, with centralized exchanges coming in second. North Korean hackers stole $1.34 billion

Attack Techniques

According to the data, 44% of the losses were caused by private key compromises, highlighting the necessity of more stringent key management procedures. However, just 6.3% of stolen money was exploited due to security issues, indicating that platform vulnerabilities are being effectively mitigated by security audits. North Korean hackers stole $1.34 billion

A Record Year for Cybercrime in the DPRK

In an effort to finance the country’s weapons development program, North Korean state-sponsored hackers have stepped up their activities and are now routinely targeting cryptocurrency platforms, investors, and wallets. Their 2022 record of $1.1 billion is surpassed by this year’s haul of $1.34 billion. North Korean hackers stole $1.34 billion

Over the course of 20 instances in 2023, North Korean hackers stole almost $660.50 million. According to the research, that amount increased to $1.34 billion in 2024 across 47 occurrences, representing a 102.88% rise in value stolen. North Korean hackers stole $1.34 billion

Attacks also increased significantly in frequency, demonstrating North Korea’s improved ability to conduct extensive cyber operations. Blockchain evidence was used to track the movement of stolen funds to coin-mixing services in the DMM Bitcoin breach, which was linked to North Korean hackers. North Korean hackers stole $1.34 billion

An Increase in Small-Scale Attacks

North Korean hackers increased smaller attacks, frequently targeting wallets with as little as $10,000, even as large-scale heists garnered media attention. 1,590 cryptocurrency wallets on CoinStats’ network were compromised, the company announced in June. North Korean hackers stole $1.34 billion

What's Up Next

Experts anticipate that fintech platforms will continue to be popular targets in 2025, even though activity will slow down after July. This is especially true as asset values rise due to the ongoing cryptocurrency bull market. North Korean hackers stole $1.34 billion

A clear reminder of the ongoing and changing threat presented by North Korean cyber actors is provided by the Chainalysis research. Protecting the ecosystem of digital assets from these constant attacks requires strong private key management and improved security measures. North Korean hackers stole $1.34 billion

Frequently Asked Questions

How much cryptocurrency did North Korean hackers steal in 2024?

North Korean hackers stole $1.34 billion worth of cryptocurrency in 2024, which accounted for 61% of the year’s total cryptocurrency theft.

What were the major cryptocurrency heists by North Korean hackers in 2024?

The largest heists included the May DMM Bitcoin hack, with losses exceeding $305 million, and the July WazirX breach, where $235 million was stolen.

What techniques did hackers use to steal cryptocurrency in 2024?

The most common technique was compromising private keys, responsible for 44% of the total losses. Security vulnerabilities accounted for only 6.3% of stolen funds, highlighting improved platform defenses.

Why are North Korean hackers targeting cryptocurrency platforms?

North Korean state-sponsored hackers are believed to be targeting cryptocurrency platforms to fund the country’s weapons development programs, as evidenced by their increased activity and sophisticated methods.

What measures can be taken to protect against cryptocurrency theft?

Strong private key management, regular security audits, and implementing stringent security protocols for both centralized and decentralized platforms are critical to reducing vulnerabilities and protecting digital assets.

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