A new study has revealed that hackers stole a total of $2.2 billion (£1.76 billion) in cryptocurrencies this year, with North Korean hackers responsible for more than half of that amount. According to research firm Chainalysis, hackers linked to the secretive regime stole $1.3 billion in digital currencies, more than double the amount stolen last year.
Some of the cyberattacks appear to be carried out by North Korean hackers posing as remote IT workers to infiltrate cryptocurrency and technology companies. The report highlights that the rise in stolen crypto in 2024, which saw a 21% increase from last year, underscores the need for the industry to address a growing and evolving threat landscape.
The study pointed out that a significant portion of this year’s cryptocurrency thefts was due to compromised private keys, which are used to access user assets on crypto platforms. Centralized exchanges, which manage large amounts of user funds, were particularly vulnerable to such breaches, with the impact of private key compromises proving to be devastating.
Some of the year’s largest thefts include the loss of $300 million worth of bitcoin from the Japanese cryptocurrency exchange DMM Bitcoin and nearly $235 million from India-based exchange WazirX.
The US government has previously stated that North Korea uses cryptocurrency theft and other cybercrimes to circumvent international sanctions and fund its weapons programs. Last week, a federal court in St. Louis indicted 14 North Koreans allegedly involved in a long-running conspiracy to extort funds from US companies. The US State Department also announced a reward of up to $5 million for information related to the scheme.
