North Korean hackers stole more crypto this year than ever before
The post North Korean hackers stole more crypto this year than ever before appeared on BitcoinEthereumNews.com.
North Korea’s state-backed hackers shattered records in 2024, stealing $1.34 billion worth of crypto in just 47 attacks. That’s more than double the $660.5 million they swiped across 20 incidents in 2023, according to a new Chainalysis report. These digital thieves now account for 61% of all crypto stolen globally this year, cementing Pyongyang’s place as the top player in crypto crime. U.S. and international officials warn these stolen funds bankroll North Korea’s missile and weapons programs, sidestepping sanctions and endangering global security. The time between successful hacks has shortened dramatically, especially for high-value hits of $50 million or more. Pyongyang’s cyber operatives have shifted their game, focusing more on large-scale heists while maintaining a steady flow of smaller operations of around $10,000. Weaponizing crypto theft with insider infiltration The tactics these hackers employ are a masterclass in deception. Increasingly, North Korean IT workers are worming their way into legitimate companies, exploiting remote work opportunities to infiltrate networks. They pose as highly skilled professionals, using fake identities and shady intermediaries to land jobs. Once inside, they loot proprietary information and even steal directly from company accounts. The U.S. Department of Justice recently indicted 14 North Koreans who pulled off this exact scheme, stealing $88 million while masquerading as employees of U.S. firms. The broader picture is even darker. Pyongyang’s cybercriminals are targeting not just companies but the very infrastructure of the crypto world. In one of the year’s most audacious hacks, they hit the Japanese exchange DMM Bitcoin, stealing 4,502.9 Bitcoin—worth $305 million at the time. By exploiting weaknesses in the exchange’s infrastructure, they funneled the stolen assets through mixers and cross-chain bridges, making them nearly impossible to trace. The aftermath forced DMM Bitcoin to shut down, transferring its operations to another exchange under a major financial conglomerate. This kind…
