In 2024, incidents of cryptocurrency theft soared, with North Korean hackers accountable for an astonishing 61% of all stolen digital assets, amounting to $1.34 billion. A recent analysis by Chainalysis revealed that the cumulative value of crypto taken this year surged by 21%, reaching $2.2 billion.
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North Korean cybercriminals have steadily engaged in online offenses, and this year’s figures illustrate the magnitude of the threat. The United Nations indicated that from 2017 to 2023, hacking groups associated with North Korea managed to seize approximately $3 billion in cryptocurrency. In 2024 alone, hackers from the nation have already siphoned off over $1.3 billion, making up almost two-thirds of the global total.
JUST IN: North Korean hackers steal $1.34B in crypto in 2024, marking a 103% increase. pic.twitter.com/kBIrS03GEY
— Cointelegraph (@Cointelegraph) December 23, 2024
JUST IN: North Korean hackers steal $1.34B in crypto in 2024, marking a 103% increase. What Fuels North Korean Hackers’ Activity?
While the prevalence of this trend is not novel, the scale of thefts reported in 2024 is alarming. The majority of the hacking incidents occurred in the first half of the year, but interestingly, the frequency of attacks declined following a June meeting between North Korean leader Kim Jong Un and Russian President Vladimir Putin. Analysts speculate that the decrease in attacks could correlate with the strengthening partnership between North Korea and Russia, potentially affecting the strategies and targets of the hackers.
Despite the observed reduction in attacks, the threat of cybercrime continues to loom large in the cryptocurrency sector. The initial quarter of 2024 recorded decentralized finance (DeFi) platforms experiencing the brunt of these attacks, with centralized services, including exchanges, becoming the main focus in the latter half of the year.
Significant Hacks of 2024
This year witnessed some prominent exchanges suffering substantial breaches. Notably, DMM Bitcoin, a cryptocurrency exchange based in Japan, suffered a tremendous loss of $305 million. Additionally, WazirX, a well-known exchange in India, was forced to suspend withdrawals in July due to a hack believed to involve North Korean hackers.
Safeguarding Your Cryptocurrency
As the value of cryptocurrency increases, so does its appeal to hackers. The Chainalysis report underscores the critical need for enhanced security measures across crypto platforms. In light of billions of dollars being stolen in recent years, it is imperative that both investors and platforms bolster their cybersecurity defenses.
If you are part of the cryptocurrency ecosystem, it is essential to exercise heightened caution. Implement strong passwords, activate two-factor authentication, and remain vigilant regarding the risks. With the surge in cyberattacks, maintaining online safety is more crucial than ever.
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