North Korea's Cryptocurrency Heists: A Record $1.34 Billion in 2024

In 2024, North Korean groups embarked on a record-breaking spree of cryptocurrency thefts, with a chilling total of $1.34 billion stolen through various hacks. This figure is more than double the amount they managed to steal in the previous year, highlighting a significant escalation in their cybercriminal activities. According to data from Chainalysis, these thefts account for two-thirds of all global cryptocurrency hacks, marking North Korea as a dominant player in the realm of cybercrime.

U.S. officials have dubbed these operations as being carried out by 'the world's leading bank robbers,' emphasizing the severity and sophistication of the heists. The stolen funds have been alleged to be used in financing North Korea’s ballistic missile and nuclear weapons programs. One of the most audacious examples of their cybercriminal exploits was the theft of 4,500 bitcoins from the Japanese exchange DMM Bitcoin, which was valued at around $305 million at the time.

Interestingly, the latter half of the year saw a reduction in North Korean hacking activities. Analysts attribute this decrease to a strategic agreement made with Russia, which has led to a diminished reliance on illicit cyber activities for funding.

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