454/67 Tuesday, December 24, 2024
A new report from Chainalysis reveals that North Korean hackers stole over $1.34 billion worth of cryptocurrency in 2024 through 47 cyberattacks, setting a new record for cyber theft. According to the report, this amount accounted for 61% of the total value stolen this year, marking a 21% increase compared to the previous year. The most significant attacks occurred between January and July, resulting in 72% of the total losses for the year. Major incidents included the attack on DMM Bitcoin in May, which led to losses of over $305 million, and the WazirX hack in July, which caused losses of $235 million. DeFi platforms and centralized services remain primary targets, with private key breaches being the most commonly used method, accounting for 44% of the damages.
North Korea’s growing hacking capabilities are reportedly supported by the North Korean government to generate revenue for its weapons development programs. The revenue from attacks in 2024 reached a record $1.34 billion, surpassing the previous high of $1.1 billion in 2022. The report also highlighted a significant increase in the frequency and severity of attacks in 2024. For instance, the DMM Bitcoin breach was attributed to North Korean hackers, while CoinStats reported that 1,590 digital wallets were compromised in June. Although the number of attacks declined after July, attempts to breach fintech platforms continued into 2025, aligning with the rising prices in the cryptocurrency market.
Analysts from Chainalysis recommend that platforms adopt stricter security measures, particularly in managing private keys and addressing system vulnerabilities, to prevent future losses. This incident underscores the increasing challenges in the cryptocurrency world, which remains a high-risk area for targeted attacks by professional hacker groups with clear objectives.
