A staggering $2.2 billion (£1.76bn) in digital assets has been stolen so far this year, with North Korean cybercriminals responsible for over half of that amount, according to a recent report.
The research, conducted by blockchain analytics firm Chainalysis, revealed that hackers linked to North Korea made off with $1.3 billion in cryptocurrency—more than double what they managed to steal in 2023.
The report suggests that some of these thefts may be tied to North Korean operatives posing as remote IT professionals to breach cryptocurrency and tech firms.
This development comes amid a surge in the value of bitcoin, which has more than doubled in 2024. Analysts suggest this could be partly attributed to expectations that incoming US President Donald Trump will adopt a more crypto-friendly stance compared to his predecessor, Joe Biden.
In total, cryptocurrency theft rose by 21% this year compared to 2023, though the figure remains lower than the record levels seen in 2021 and 2022.
“The increase in stolen digital assets this year highlights the urgent need for the crypto sector to address a rapidly changing and increasingly sophisticated threat landscape,” the report emphasized.
It noted that most of the stolen cryptocurrency in 2024 resulted from breaches involving private keys—critical tools that grant access to users’ funds on crypto platforms.
"Given the large volumes of funds managed by centralized exchanges, any compromise of private keys can have catastrophic consequences," the study warned.
Among the most notable incidents this year were the theft of $300 million worth of bitcoin from the Japanese platform DMM Bitcoin and the loss of nearly $235 million from WazirX, a cryptocurrency exchange based in India.
The US government has accused North Korea of engaging in crypto heists and other cybercrimes to evade international sanctions and fund its weapons programs.
Just last week, a federal court in St. Louis charged 14 North Koreans for allegedly being part of an extensive scheme aimed at extorting money from US companies and funneling those funds to Pyongyang’s military initiatives.
The US State Department has also announced a reward of up to $5 million for anyone who can provide detailed information about the alleged operation.