N Korean Hackers Snatch a Staggering $1.3bn in Crypto This Year

Crypto Thefts Continue to Rise, With Pyongyang Allegedly Leading the Pack

A new study by research firm Chainalysis reveals that North Korean cybercriminals are responsible for stealing more than $1.3bn (£1.07bn) worth of cryptocurrencies in 2024 alone, marking a dramatic surge in crypto thefts linked to the reclusive state.

Hackers Thriving in a Booming Crypto Market

Overall, cyber thieves have raked in $2.2bn in digital currencies this year, meaning North Korean hackers account for over half of the global total. This comes at a time when Bitcoin’s value has more than doubled, buoyed by anticipation that incoming US President Donald Trump will be more receptive to crypto than his predecessor, Joe Biden.

Posing as Remote IT Workers

The Chainalysis report suggests some of these thefts involved hackers posing as remote IT workers to infiltrate cryptocurrency and tech firms. Once inside, they allegedly gained access to private keys, critical for controlling user funds on crypto platforms.

“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape,” the report notes.

Biggest Heists of 2024

• DMM Bitcoin (Japan): Thieves allegedly made off with the equivalent of $300m in Bitcoin.
• WazirX (India): Hackers stole $235m from one of India’s leading crypto exchanges.

Why Target Crypto?

According to US authorities, North Korea’s regime resorts to cybercrime—particularly cryptocurrency theft—to circumvent sanctions and bankroll its weapons programmes. Just last week, a federal court in St Louis indicted 14 North Koreans for allegedly extorting funds from US companies in a long-standing conspiracy.

US Response

The US State Department is offering a reward of up to $5m to anyone who can provide information about the scheme, signalling how seriously Washington takes the North Korean hacking threat.