Crypto theft has reached an alarming $2.2 billion this year, with over half of that amount attributed to hackers from North Korea, according to a recent Chainanalysis report. Cybercriminals linked to North Korea were responsible for $1.3 billion worth of stolen digital assets across 47 separate incidents.
This figure more than doubles the amount stolen by the same groups last year, accounting for 61% of the total crypto thefts in 2024. Despite the increase, the amount remains lower than what was reported in 2021 and 2022. Last year, North Korean hackers stole around $660 million through 20 different attacks.
Most of the attacks linked to North Korea involve operatives who disguise themselves as remote IT professionals to infiltrate technology and cryptocurrency firms. The report describes how these individuals use advanced methods, including third-party hiring platforms, fake identities, and exploiting remote work arrangements to gain unauthorized access. One prominent case involved the U.S. Justice Department (DOJ) charging 14 North Korean nationals with obtaining jobs at American firms under false pretenses, collectively stealing more than $88 million by exfiltrating sensitive data and blackmailing their employers.
The report highlights the increasing sophistication of cyberattacks and the urgency for the cryptocurrency sector to address these evolving threats. It identified private key compromises as the primary reason for most thefts this year. Since private keys serve as the access mechanism to cryptocurrency holdings, a single compromise can lead to substantial financial losses, especially on centralized exchanges that hold large amounts of user funds.
Two of the most significant thefts in 2024 included the loss of $300 million worth of Bitcoin from Japan-based DMM Bitcoin and approximately $235 million worth from India’s WazirX cryptocurrency exchange.
The U.S. has accused the North Korean regime of using cybercrime, including cryptocurrency theft, as a means to evade international sanctions and fund its weapons programs. Just last week, a U.S. federal court convicted fourteen North Koreans for allegedly participating in a long-running scheme to pressure U.S. businesses to funnel money to North Korea’s weapons program. Additionally, the United States State Department has offered a reward of $5 million for information related to the scheme.
The recent report comes as Bitcoin’s value—which reached the $100,000 milestone this month—continues to rise and amid expectations that President-elect Donald Trump may adopt a more crypto-friendly stance than Joe Biden, his predecessor.
The rising cases of crypto theft call for increased vigilance from all industry actors, including firms like Stronghold Digital Mining Inc. (NASDAQ: SDIG) to prevent unauthorized access to their systems.
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