If you have experienced cryptocurrency theft from an online exchange in the last twelve months, there is a good chance that your cybercrime may have fallen victim to a North Korean hack. This according to report from blockchain analytics firm Chainalytic, which claims that $1.3 billion worth of witty money stolen online this year can be attributed to the activities of state-sponsored North Korean hackers.
“In 2023, North Korea-linked hackers stole approximately $660.50 million in 20 incidents; in 2024, this number increased to $1.34 billion stolen in 47 incidents, representing a 102.88% increase in stolen value,” the report says (via A beeping computer).
The report shows that a number of large-scale intrusions are the main cause, although small-scale attacks also appear to be on the rise.
Notable high-profile incidents in 2024 attributed to North Korea-sponsored hackers include: $50 million robbery of Radiant Capital“an omnichain money market cryptocurrency that aims to consolidate fragmented liquidity across various blockchain protocols.”
Yes. In any case, Chainalytic says that while overall cryptocurrency theft is at an all-time high this year (303 major incidents reported), 2022 still remains the highest year for most money stolen, with a staggering $3.7 billion in cryptocurrencies estimated to be missing.
Separately, the $1.3 billion amount represents 61% of the total $2.2 billion in funds stolen from crypto platforms in 2024, according to the report.
Most incidents occurred between January and July, when 72% of the total annual value was looted. Analysts noted that DPRK-linked hackers carried out attacks more frequently than the average throughout the year, which may indicate a greater ability to carry out large-scale attacks than in previous years.
Earlier this year, it was reported that CoinStats, a cryptocurrency wallet management app used by over 1.5 million users, suffered a security breach that compromised 1,590 cryptocurrency wallets. North Korean hackers, in particular the company, were blamed for the attack Lazarus hacker groupa mysterious organization allegedly consisting of an unknown number of people allegedly working for the North Korean government.
The group has previously been accused of numerous internet crimes, including a $12 million cyber attack on Bandcom Del Austro in Ecuador and attack on Bangladesh bank in which 35 fraudulent transactions were made via SWIFT network transfer funds worth nearly $1 billion.
Only five transactions were successful, but $101 million was still transferred to accounts linked to the Philippines and Sri Lanka.
Still, groups like Lazerus appear to be focusing on the once again booming cryptocurrency market. Is this where I remind you that cryptocurrencies are still the wild west and your money is better kept in… ah, forget it. If the headline hasn’t convinced you by now, not much else will. Merry Christmas everyone. Stay secure out there.
