North Korean hacking groups have stolen a record $1.34 billion through cryptocurrency thefts in 2024, marking their highest level of cybercrime activity to date. This represents more than double the amount stolen in 2023 and underscores the growing importance of cryptocurrency as a revenue source for Pyongyang. According to blockchain research firm Chainalysis, North Korean-affiliated groups were responsible for 47 hacks in 2024, accounting for two-thirds of global cryptocurrency thefts.
North Korea’s cyber operations, which have evolved over decades, have earned them the title of “the world’s leading bank robbers” from U.S. officials. These sophisticated hackers target Western financial institutions and exchanges to fund the regime’s illicit activities. A U.N. panel monitoring sanctions has reported that the stolen cryptocurrency is used to finance North Korea’s ballistic missile and nuclear programs, with estimates suggesting that as much as one-third of North Korea’s missile program is funded through cybercrime.
Andrew Fierman, head of national security intelligence at Chainalysis, explained that the country’s efforts to bypass international sanctions include tactics like evasive shipping, using overseas workers, shell companies, and now, stealing cryptocurrency. This method has become another key tool in the regime’s pursuit of its military objectives.
One of the most notable hacks occurred in May 2024, when North Korean hackers stole 4,500 bitcoin, worth $305 million, from Japanese crypto exchange DMM Bitcoin. Chainalysis tracked the stolen funds, which were laundered through intermediaries and eventually ended up at a Cambodian exchange. As a result of the theft, DMM Bitcoin announced its closure and transferred customer accounts to other platforms.
The total value of stolen cryptocurrency in 2024 rose by 21%, reaching $2.2 billion, with the number of hacks surging to a record 303. This comes as the price of bitcoin has skyrocketed, reaching over $100,000, partly driven by Donald Trump’s U.S. presidential election victory in November.
However, after North Korean leader Kim Jong Un and Russian President Vladimir Putin signed a strategic partnership in June, North Korea’s hacking activities seemed to slow down in the latter half of the year. The agreement, which deepened trade and military ties between the two countries, has also seen North Korean troops fighting alongside Russians in Ukraine. Analysts suggest that with increased support from Russia, North Korea may be relying less on cybercrime. Chainalysis noted that since June, the average daily crypto losses linked to North Korean groups have halved, while overall losses from other sources have risen slightly.
This shift indicates that North Korea’s reliance on cryptocurrency theft might be decreasing as its relationship with Russia strengthens.