In 2024, the rate of cryptocurrency theft experienced a dramatic increase, with North Korean hackers identified as responsible for an astonishing 61% of all stolen digital assets, totaling a staggering $1.34 billion. A recent study by Chainalysis highlighted that the overall value of crypto stolen this year rose by 21%, reaching $2.2 billion.
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North Korean cybercriminals have consistently engaged in cybercrimes, and the statistics from this year reveal the extent of the threat. The United Nations reported that from 2017 to 2023, hacking groups linked to North Korea have appropriated around $3 billion in cryptocurrency. In just 2024, these hackers have already drained over $1.3 billion, which accounts for nearly two-thirds of the global total.
JUST IN: North Korean hackers have stolen $1.34 billion in crypto in 2024, reflecting a 103% increase. pic.twitter.com/kBIrS03GEY
— Cointelegraph (@Cointelegraph) December 23, 2024
JUST IN: North Korean hackers have stolen $1.34 billion in crypto in 2024, reflecting a 103% increase. What Drives North Korean Hackers’ Actions?
Although this trend is not new, the scale of thefts reported in 2024 is particularly concerning. Most hacking incidents transpired in the first half of the year, but intriguingly, there was a decline in the frequency of attacks following a June summit between North Korean leader Kim Jong Un and Russian President Vladimir Putin. Analysts suggest that this drop in activity may be linked to the deepening alliance between North Korea and Russia, which could influence the hackers’ strategies and targets.
Even with the noticeable decrease in attacks, the menace of cybercrime remains significant within the cryptocurrency landscape. The initial quarter of 2024 saw decentralized finance (DeFi) platforms bear the brunt of these assaults, while centralized entities, such as exchanges, became the primary targets in the latter part of the year.
Major Hacks of 2024
This year has seen several major exchanges falling victim to significant breaches. For instance, DMM Bitcoin, a cryptocurrency exchange located in Japan, encountered a staggering loss of $305 million. Additionally, WazirX, a prominent exchange in India, had to halt withdrawals in July due to a hack suspected to be linked to North Korean hackers.
Protecting Your Cryptocurrency
As cryptocurrency values climb, they become increasingly attractive to hackers. The Chainalysis report highlights the urgent need for improved security measures across crypto platforms. Given the billions stolen over recent years, it is crucial for both investors and platforms to reinforce their cybersecurity measures.
If you are involved in the cryptocurrency space, it’s vital to exercise increased caution. Employ strong passwords, enable two-factor authentication, and stay vigilant about potential risks. With the rise in cyberattacks, ensuring online safety has never been more critical.
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