A new report has revealed that North Korean cyberattacks targeting cryptocurrency platforms more than doubled in 2024 compared to the previous year. Analysts attribute the surge to the increasing infiltration of North Korean IT workers into crypto firms under false identities.
On February 27, blockchain analytics firm Chainalysis released its “2025 Crypto Crime Report,” stating that North Korean hackers stole more cryptocurrency in 2024 than ever before.
The report found that in 2023, North Korean-linked cybercriminals carried out 20 attacks, stealing approximately $660.5 million. However, in 2024, they executed 47 attacks, stealing a total of $1.34 billion—a staggering 102.88% increase in stolen funds.
North Korean Hacks Account for 61% of Total Crypto Thefts
Additionally, the number of cyberattacks more than doubled year-over-year, reflecting a growing trend of rapid, frequent, and successful hacks.
According to Chainalysis, North Korea was responsible for 61% of the total value stolen in crypto-related cyberattacks last year, despite making up only 20% of the total incidents.
An analysis of attack frequency showed that the time between each North Korean hack is shortening, and the success rate of their cyberattacks is increasing.
The report also highlighted that large-scale heists, valued between $50 million and $100 million, surged in 2024. This marks a shift from previous years, where North Korea primarily conducted smaller-scale heists under $50 million.
North Korean IT Workers Driving the Crypto Heist Surge
The report links the growing success of North Korean crypto heists to the regime’s IT operatives infiltrating cryptocurrency firms.
These North Korean workers use fake identities, third-party hiring agencies, and remote work opportunities to gain access to company networks. To reduce risks, Chainalysis advises crypto firms to conduct thorough background checks and enforce strict security policies, including advanced key management systems.
The report also noted a significant decline in North Korean cyber activity following the Kim Jong-un and Vladimir Putin summit in Pyongyang in June 2024.
A comparison of North Korean hacking activity before and after July 1, 2024, found that the regime’s cyberattacks dropped by 54% in the second half of the year. Pyongyang may have redirected its cyber forces toward supporting Russia’s war in Ukraine or adjusted its cyber strategy in line with its strengthened alliance with Moscow.
Cybersecurity Experts Call for Advanced Blockchain Security Measures
Andrew Fierman, head of National Security Intelligence at Chainalysis, told VOA that North Korean cybercriminals are becoming increasingly sophisticated.
He urged cryptocurrency firms to adopt real-time monitoring systems and deploy advanced predictive technologies to detect emerging threats.
“Real-time monitoring and advanced predictive technologies for detecting emerging threats will become essential,” he told VOA. “Exchanges will also need to demonstrate to their regulators and users how they ensure that user funds are protected.”
Fierman stressed the importance of disrupting North Korea’s ability to launder stolen funds. He urged government agencies and cybersecurity firms to use blockchain security technology to track and block illicit financial activities in real time
By YOUNGNAM KIM [kim.youngnam@koreadaily.com]
