The total value of cryptocurrency theft rose by 21% in 2024 compared to the previous year, though it remains significantly lower than the staggering $3.7 billion stolen in 2022.

North Korean hackers have garnered infamy for their sophisticated cyber tactics, using advanced malware, social engineering, and cryptocurrency heists to fund state-sponsored initiatives and evade international sanctions.

In 2024, hackers linked to North Korea stole an estimated $1.34 billion across 47 incidents, more than doubling their takings from the prior year. According to blockchain analytics firm Chainalysis, North Korea has consistently led large-scale cryptocurrency exploits over the past three years. However, 2024 also saw an increase in smaller hacks, particularly those around $10,000 in value, highlighting a shift toward a broader range of targets.

Some incidents appear tied to North Korean IT operatives infiltrating cryptocurrency and Web3 firms. These infiltrations compromise network security and operational integrity, amplifying the threat to the sector.

Interestingly, the second half of 2024 showed a noticeable decline in North Korea-linked hacking activity. Chainalysis speculates that this could be connected to geopolitical developments.

In June, a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un in Pyongyang resulted in a mutual defense pact and the release of millions of dollars in previously frozen North Korean assets. This bolstered alliance may have influenced North Korea to adjust its cybercriminal operations.

As these geopolitical and cyber trends evolve, the cryptocurrency industry remains on high alert, navigating the persistent threat of North Korean hackers and their dynamic tactics.