North Korean hackers stole $1.3 billion in Crypto in 2024

WASHINGTON: North-Korea-linked hackers stole more from cryptocurrency platforms this year than ever before, according to Chainalysis Inc., 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 $2.2 billion stolen from platforms in 2024, the blockchain analytics company said in a report on Thursday.

North Korean-affiliated groups stole $1.34 billion in 47 incidents in 2023, according to the company’s findings.

The US department of Justice on December 12 said it indicted 14 North Korean nationals who allegedly committed fraud and money laundering while working as remotely employed IT staffers at American companies. They made over $88 million through stealing proprietary information and extortion, the US said.

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

North Korean attackers in 2023 stole slightly more than $1 billion, a drop from the $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 cybersecurity firms.