Home Markets North Korea stole $1.3 billion in cryptocurrency hack in 2024

North Korea stole $1.3 billion in cryptocurrency hack in 2024

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North Korean groups have stolen $1.34 billion through cryptocurrency hacks this year, the highest such theft ever, underscoring the importance of this revenue source to North Korea.

According to data from blockchain research group Chainalysis, the total amount of theft committed by North Korea-related groups through 2024 has more than doubled from 47 cases last year. This means that the country currently accounts for two-thirds of the world’s crypto hacks.

North Korean operatives have emerged in recent years as “the world’s leading bank robbers” after decades of cultivating a group of highly trained hackers targeting Western institutions, U.S. officials said.

A United Nations panel of experts that monitors the implementation of international sanctions has found that North Korea uses funds raised from criminal cyber operations to finance its illegal ballistic missile and nuclear programs.

The United States estimates that one-third of North Korea’s missile program is funded by cybercrime.

“North Korea has long sought to circumvent international sanctions in order to support its weapons of mass destruction and ballistic missile programs,” said Andrew Fierman, director of national security intelligence at Chainalysis.

“Historically, North Korea has done so through a variety of techniques, including shipping evasion tactics, overseas labor, and the use of shell companies. Stealing cryptocurrencies is their tool for funding the regime. It is another mechanism of the kit.”

Among the more daring heists attributed to North Korean hackers was the theft in May of 4,500 Bitcoins worth $305 million from Japanese cryptocurrency exchange DMM Bitcoin.

Chainalysis tracked most of the stolen bitcoins through a network of intermediaries and ended up at a cryptocurrency exchange in Cambodia. DMM Bitcoin announced earlier this month that it would be shutting down and transferring customer accounts to other exchanges following a hack.

According to Chainalysis data, the total amount of cryptocurrencies stolen this year rose 21% to $2.2 billion, and the number of hacks recorded hit a record high of 303.

The theft comes as Bitcoin has soared to more than $100,000 this year following Donald Trump’s victory in the US presidential election in November.

However, Chainalysis data shows that since North Korean and Russian leaders Kim Jong Un and Vladimir Putin signed a strategic partnership to deepen trade and military ties between the two countries in June, It also shows that North Korea’s hacking activities have slowed down. countries. Under this agreement, North Korean forces will fight alongside Russian forces in Ukraine.

Analysts suggest that North Korea is becoming less reliant on cybercrime as it receives more support from Russia.

Since the deal was signed, average daily cryptocurrency losses by North Korean groups have halved, while losses unrelated to the country have increased slightly.

“In the second half of this year, Hermit Kingdom may have reduced its reliance on cybercriminal activity,” Chainalysis’s Fiermann said.

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