Massive Crypto Heist: How $2.2 Billion Vanished in 2024 – North Korea’s Role
Cryptocurrency thefts have reached a staggering $2.2 billion (£1.76 billion) in 2024, with North Korean hackers responsible for over half of the total, according to a recent study. The report, published by research firm Chainalysis, reveals that hackers linked to North Korea stole $1.3 billion worth of digital currencies, marking more than double the amount they stole last year on Crypto.
Some of these thefts are believed to involve North Korean hackers disguising themselves as remote IT professionals to gain access to crypto currency and technology companies, the study notes.
This surge in crypto-related crimes coincides with a significant rise in Bitcoin’s value, which has more than doubled this year. The rally comes as the US prepares for President Donald Trump’s tenure, with expectations that his administration will be more favorable to cryptocurrencies than Joe Biden’s. Overall, cryptocurrency theft in 2024 saw a 21% increase compared to the previous year. However, according to the report, it remains lower than the record-breaking levels of 2021 and 2022.
“The increase in stolen cryptocurrency highlights the urgent need for the industry to address an increasingly complex and dynamic threat landscape,” Chainalysis stated.
The study identified compromised private keys as the primary factor behind the thefts. Private keys serve as critical tools for accessing and managing digital assets on crypto currency platforms.
“Since centralized exchanges handle vast amounts of user funds, a single private key compromise can have catastrophic consequences,” the report emphasized.
Notable incidents this year included the theft of $300 million in bitcoin from the Japanese cryptocurrency exchange DMM Bitcoin and a $235 million loss from India-based crypto exchange WazirX.
The US government has previously accused North Korea of using cyberattacks on financial institutions, including coin platforms, as a way to fund its regime.
Cryptocurrency thefts have soared to an alarming $2.2 billion (£1.76 billion) in 2024, with North Korean hackers accounting for over half of the total, according to a new report from blockchain research firm Chainalysis.
The report reveals that hackers affiliated with North Korea stole $1.3 billion worth of digital currencies this year, more than doubling their haul from the previous year. These thefts reflect the isolated regime’s growing reliance on cybercrime to fund its operations despite strict international sanctions.
Some incidents have been linked to North Korean operatives masquerading as remote IT professionals. These hackers gain access to sensitive systems by infiltrating currency and tech firms, enabling large-scale thefts. Such tactics highlight the sophisticated methods employed by state-sponsored cybercriminals.
This rise in currency crime comes as the value of bitcoin and other digital assets surged in 2024. Bitcoin’s price, for instance, has more than doubled, driven partly by optimism surrounding incoming U.S. President Donald Trump, whose administration is expected to adopt a more favorable stance on currencies than Joe Biden’s.
Despite the increase, 2024’s stolen amount remains below the record highs of 2021 and 2022 . Nonetheless, Chaina lysis warns the trend signifies a complex and evolving threat landscape for the crypto industry.
Cyberattacks are becoming more sophisticated, and the rise in stolen cryptocurrency underscores the urgent need for robust security measures,” the report stated.
Compromised private keys—used to access user funds on coin platforms—were identified as the leading cause of theft. This poses a particular risk to centralized exchanges, which hold large amounts of user assets.Among the most significant breaches this year were the theft of $300 million in bitcoin from Japanese exchange DMM Bitcoin and a $235 million loss from India’s WazirX exchange. These incidents demonstrate the devastating consequences of inadequate security practices.
The U.S. government has accused North Korea of using cryptocurrency theft to evade sanctions and fund its nuclear weapons program. As these attacks increase in frequency and scale, global efforts to counter state-sponsored cybercrime are intensifying.
With the stakes higher than ever, experts stress the importance of improved security protocols and industry-wide collaboration to mitigate risks and protect investors.
