North Korean hackers stole $1.8 billion in crypto in 2024

NEW YORK – North Korea-linked hackers stole more from cryptocurrency platforms in 2024 than ever before, according to Chainalysis, showcasing rising capabilities that researchers say threaten US national security.

Digital thieves linked to North Korea utilise advanced methods such as manipulating remote work opportunities and are responsible for more than half of the total US$2.2 billion (S$3 billion) stolen from platforms in 2024, the blockchain analytics company said in a report on Dec 19.

North Korean-affiliated groups stole US$1.34 billion (S$1.8 billion) in 47 incidents in 2024, up from US$660.5 million across 20 incidents in 2023, according to the company’s findings. 

The US Department of Justice on Dec 12 said it indicted 14 North Korean nationals who allegedly committed fraud and money laundering while working as remotely employed information technology staff at American companies. They made more than US$88 million through stealing proprietary information and extortion, the US said.

After stealing virtual currency, hackers often launder the illicit funds by channelling them through decentralised financial exchanges, mining services or other crypto mixing services to obscure their provenance, according to Chainalysis. 

North Korean attackers in 2023 stole slightly more than US$1 billion, a drop from the US$1.7 billion they took in 2022, the company found. Online intruders associated with the country’s Reconnaissance General Bureau also have targeted virtual currency platforms with specialised, previously unknown hacking tools and used fake employment websites to dupe their victims, according to researchers at a range of cyber-security firms. 

US officials for years have warned that Pyongyang-affiliated hacking groups have focused on cryptocurrency hacks as a means of raising money in the face of international sanctions. BLOOMBERG