By Key Points
- $2.2 billion stolen from crypto platforms in 2024.
- 61% of thefts are linked to North Korean crypto heists.
- Attacks surged to 303 incidents, up from 282 in 2023.
- Heists over $100 million are on the rise.
North Korean crypto heists have dominated the cryptocurrency landscape in 2024, with hackers making off with $2.2 billion in stolen funds.
According to a Chainalysis report, North Korean threat actors accounted for 61% of these thefts, highlighting the growing sophistication of their tactics.
The surge in these heists represents a 21% year-on-year increase from 2023, reflecting how vulnerable crypto platforms remain to cyberattacks.
The number of incidents also climbed, rising from 282 in 2023 to 303 in 2024. While the first half of the year saw a spike in thefts, totaling $1.58 billion by July, the pace slowed in the latter half.
Crypto-Hackers Steal $2.2bn as North Koreans Dominate https://t.co/b4Ba9zsQ1H #cybersecurity #infosec #hacking
— The Cyber Security Hub™ (@TheCyberSecHub) December 19, 2024
This decline may be linked to the June meeting between Kim Jong-un and Vladimir Putin, where diplomatic negotiations reportedly led to the release of previously frozen North Korean assets.
Despite the temporary slowdown, North Korean crypto heists continue to threaten the industry, with more significant sums being stolen and attacks becoming more frequent.
More Sophisticated Tactics Fuel Massive Heists
The Chainalysis report points out a concerning trend: North Korean crypto heists involving $50 million to $100 million — and even sums exceeding $100 million — were far more frequent in 2024 than in previous years. This marks a stark contrast to 2022 and 2023 when most thefts were under $50 million.
The report notes that the slowdown in the latter half of 2024 was significant, with the value of stolen funds dropping by 54% after the Putin-Kim summit. However, this drop doesn’t reflect an end to North Korean crypto heists. Instead, there has been a rise in smaller-scale hacks yielding amounts around $10,000.
These smaller heists are often tied to North Korean IT workers infiltrating crypto and Web3 firms. By posing as legitimate employees using fake identities and third-party hiring platforms, they breach networks and compromise security.
Chainalysis warns that this trend is contributing to a “growing density” of cyberattacks, making crypto platforms increasingly vulnerable.
How Crypto Firms Can Protect Against Heists
With North Korean crypto heists showing no signs of stopping, Chainalysis urges crypto firms to strengthen their defenses. Key recommendations include:
- Thoroughly vetting new employees to prevent infiltration by malicious actors.
- Strengthening private key security and ensuring proper key hygiene.
- Implementing advanced tracing tools and encouraging data-sharing initiatives to identify potential threats.
- Conducting regular cybersecurity training to prepare teams for emerging threats.
The report also highlights the need for collaboration with law enforcement agencies to improve response times and strengthen industry-wide security. As regulations around crypto platforms tighten, companies must focus on customer asset protection and accountability.
By adopting these practices, crypto platforms can reduce their exposure to North Korean crypto heists and stay ahead of increasingly sophisticated cybercriminals.
