North Korean hackers linked to surge in stolen cryptocurrency

North Korean-linked cyberattacks dominate 2024 crypto theft, funding weapons programmes and evading sanctions. The US offers a $5m reward for information on the schemes, indicting 14 individuals for extortion.

North Korea, Hackers, DMM Bitcoin, Cryptocurrency, Stealing

Cryptocurrency theft reached $2.2bn (£1.76bn) in 2024, with North Korean hackers reportedly responsible for $1.3bn, according to a Chainalysis report. The total marks a 21% increase from 2023, though it remains lower than peak years.

The study highlights that hackers often target private keys used to access crypto platforms, causing severe losses for centralised exchanges. Significant breaches included a $300m theft from Japan‘s DMM Bitcoin and a $235m loss from India-based WazirX. Many attacks were linked to citizens of North Korea posing as remote IT workers.

The United States government has accused Pyongyang of using stolen funds to evade sanctions and finance weapons programmes. Recently, 14 North Koreans were indicted in a federal court for alleged extortion schemes, while the State Department announced a $5m reward for information on these activities.