North Korean hackers stole $1.3 billion in 2024

According to Chainalysis, the Democratic People’s Republic of Korea – commonly referred to as North Korea – is responsible for 61% of stolen cryptos this year.

“In 2023, hackers linked to North Korea stole an estimated $660.50 million in 20 incidents; In 2024, this number increased to 1.34 billion dollars stolen in 47 incidents — the stolen value increased by 102.88%,” the report said. final report from major crypto-forensics firm Chainalysis. This is the highest amount in a year by North Korean hackers.

Louis Lubeck, services project manager at crypto cybersecurity firm Hacken said Decryption Financial cooperation between North Korea and Russia aggravates the situation.

“This increases threats by sharing tools and expertise, complicating attribution and response efforts,” he said. “This partnership could intensify global cyber conflicts and change how cyber warfare is fought by alliances rather than by individual states.”

One emerging trend in the industry is hackers linked to North Korea masquerading as smart contract developers, deliberately including hidden flaws or backdoors in projects they contribute to. So far, in 2024, 47 hackers are linked to North Korean hackers, which is equivalent to two-thirds of the total number of crypto hackers.

That includes $50 million stolen from Radiant Capital, a North Korean cybercriminal-linked hacker. listed as a former contractor sharing files to deliver malware to an employee. The malware in question was reportedly sophisticated: it installed persistent macOS backups while presenting a legitimate PDF to the user to avoid detection.

Actors associated with North Korea are using increasingly sophisticated tactics, Lubeck notes, “new tactics Use AI to create fake personalities (with the development of deep fakes) makes it difficult to identify bad actors. Legacy techniques continue to pose challenges, including sophisticated phishing detection and remote workers’ fake digital identities.

United States-based and international officials allege that North Korea is using stolen cryptocurrencies to develop weapons of mass destruction and ballistic missile programs. Reports published in May His hacking efforts offer funding for half of North Korea’s missile program.

Lübeck suggested that a potential solution could be “increased international cooperation on cryptocurrency monitoring, stricter KYC measures on exchanges, and improved real-time intelligence sharing.” He noted that sanctions have limited effectiveness due to evasion tactics.

Edited by Stacey Elliott.