DailySun
In 2024, North Korea’s cyber operations reached unprecedented levels, with hackers associated with the regime reportedly stealing $1.6 billion in cryptocurrency, as detailed in a Chainalysis report.
This represents a significant surge from the $660.5 million taken in 2023 and highlights the essential role of cybercrime in financing the operations of the Pyongyang government.
Overall, $2.2 billion was stolen from crypto platforms in 2024, with North Korea responsible for 61% of this total, according to Chainalysis.
This year’s cybercrime network conducted 47 distinct attacks, doubling the numbers from the previous year. These attacks mainly target crypto platforms and decentralized finance systems, with speculation that the stolen funds support North Korea’s weapons development and ballistic missile initiatives.
Evolving Tactics of North Korean Cyber Hackers
North Korean hackers have become more advanced, utilizing sophisticated malware and social engineering tactics. Moreover, their activities have expanded to infiltrate cryptocurrency companies under the pretense of offering remote work.
In a notable incident, 14 North Korean individuals were charged by the U.S. Department of Justice for adopting fake identities to obtain remote IT roles, leading to more than $88 million in data theft and extortion.
The frequency and scale of these attacks continue to grow. More large-scale hacks exceeding $100 million took place in 2024 compared to previous years, showcasing an increased ability for substantial thefts.
Incidents involving smaller-scale hacks under $50 million have also seen an uptick in occurrence.
The global community has consistently voiced concerns regarding North Korea’s dependence on cybercrime to circumvent sanctions. U.S. officials estimate that illicit online activities may account for up to one-third of the regime’s missile program financing.
Changing Activity Following Russian Partnerships
The majority of North Korea’s crypto theft took place in the first half of 2024. Hacking activities noticeably declined after June, coinciding with strengthened ties between North Korea and Russia. Analysts propose that the regime might have adapted its cyber strategies following a meeting between Kim Jong Un and Vladimir Putin, which indicated enhanced collaboration between the two nations.
“It is therefore conceivable that,” the report stated, “in addition to redirecting military assets toward the conflict in Ukraine, the DPRK — which has significantly increased its cooperation with Russia in recent years — may have also modified its cybercriminal behaviors.”
Despite the slowdown, the overall impact of the year remained significant. North Korea has established itself as a leading player in cryptocurrency theft, accounting for two-thirds of global hacking incidents in 2024.
