North Korea’s Crypto Theft Hits Record High in 2024, Stealing $1.6 Billion

North Korea’s cyber operations reached new heights in 2024, with hackers linked to the regime stealing a staggering $1.6 billion in cryptocurrency. This marks a significant increase from the $660.5 million stolen in 2023, underscoring the critical role cybercrime plays in funding Pyongyang’s government operations.

Sharp Increase in Crypto Theft

A total of $2.2 billion was stolen from crypto platforms in 2024, with North Korea accounting for 61% of the total amount. North Korean hackers stole more from crypto platforms than ever before, with $1.34 billion representing 61% of the total amount stolen for the year.

Evolving Tactics and Increased Sophistication

North Korean hackers have become more sophisticated, deploying advanced malware and social engineering tactics. Their operations have also expanded to include infiltrating cryptocurrency firms under the guise of remote workers. In one notable case, 14 North Korean nationals were indicted for using false identities to secure remote IT jobs, generating over $88 million through data theft and extortion.

Increasing Frequency and Scale of Attacks

The scale and frequency of these attacks are increasing. North Korean groups carried out more large-scale hacks exceeding $100 million in 2024 than in previous years, demonstrating a growing capability for massive thefts. Smaller-scale hacks have also risen, with attacks under $50 million occurring more frequently.

Concerns Over Sanctions Bypass and Funding

The international community has long raised concerns about North Korea’s reliance on cybercrime to bypass sanctions. U.S. officials estimate that up to a third of the regime’s missile program funding comes from illicit online activities.

A Shift in Activity After Russian Ties

Most of North Korea’s crypto theft occurred in the first half of 2024. Hacking activity slowed significantly after June, coinciding with closer ties between North Korea and Russia. Analysts suggest the regime may have shifted its cyber strategies following a meeting between Kim Jong Un and Vladimir Putin, which signaled increased cooperation between the two countries.

“It is therefore possible that, in addition to redirecting military resources toward the conflict in Ukraine, the DPRK — which has dramatically increased its cooperation with Russia in recent years — may have altered its cybercriminal activity as well.”

North Korea Emerges as a Dominant Force in Crypto Theft

The slowdown did little to mitigate the year’s overall impact. North Korea has emerged as a dominant force in cryptocurrency theft, responsible for two-thirds of global hacking incidents in 2024.

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