Thomas Daniels
According to Chainalysis, North Korean cybercrime activities hit previously unheard-of heights in 2024, with state-affiliated hackers stealing $1.6 billion in cryptocurrencies. The regime’s reliance on cybercrime to finance official operations, particularly the development of weapons, is further cemented by this sharp increase from $660.5 million in 2023.
North Korea was responsible for an astounding 61% of the $2.2 billion that was stolen from cryptocurrency platforms in 2024, according to Chainalysis. This year, 47 attacks were carried out by the regime’s cybercrime network, which doubled the number of occurrences from 2023. The main targets of these activities were decentralized finance (DeFi) networks and bitcoin exchanges.
According to analysts, Pyongyang’s missile and weapons projects are being supported by the pilfered money, a claim that has prompted worldwide censure. According to U.S. officials, illegal internet activity provides up to one-third of the financing for North Korea’s missile program.
By using sophisticated malware, social engineering, and breaking into cryptocurrency companies under the guise of remote workers, North Korean hackers have improved their skills. In one prominent case, 14 North Korean nationals were charged by the U.S. Department of Justice with using fictitious identities to get IT positions, resulting in a total of $88 million in revenue from extortion and data theft.
These operations are becoming larger in scope. North Korea carried out more extensive breaches totaling more than $100 million in 2024 than in prior years. Attacks with a smaller budget—less than $50 million—also rose sharply.
The majority of thefts happened in the first half of 2024, but after June, when North Korea and Russia were closer, cyber activity decreased. Cyber resources may have been redirected as a result of a summit between Kim Jong Un and Vladimir Putin, according to analysts.
According to the Chainalysis analysis, North Korea’s shift may entail changing its cybercrime operations and reallocating military assets to support Russia’s war in Ukraine. North Korea continued to lead the world in bitcoin theft despite this downturn, accounting for two-thirds of hacking occurrences in 2024.
North Korea’s increasing cyber capabilities highlight how susceptible bitcoin systems are becoming to state-sponsored attacks. The international community is under increasing pressure to address the relationship between cybercrime and national security, as seen by the $1.6 billion that was stolen in a single year.
