Crypto Hacks: North Korean Hackers Steal Over $200M in 2024

In a relentless spree of cyber heists, North Korean hackers have pilfered more than $2 billion in cryptocurrencies over the last five years, a recent TRM Labs report reveals. This staggering sum, while slightly lower than previous estimates, underscores the persistent threat posed by North Korea’s cryptocurrency-focused attacks.

The year 2023 sees North Korea maintaining its unwavering focus on the crypto landscape, with a substantial $200 million already siphoned off in cryptocurrency attacks. Alarmingly, this accounts for over a fifth of the total stolen crypto this year, consolidating North Korea’s dominance in the realm of crypto-related cybercrime.

North Korean Hackers Are Becoming More Sophisticated in Their Approach

A defining feature of these attacks is North Korea’s adeptness at evolving its tactics. Displaying a keen opportunistic streak, the hackers exhibit an extensive array of target types and exploit techniques that have led to unprecedented gains. Their recent preference for the decentralized finance (DeFi) ecosystem, with a marked emphasis on cross-chain bridges, further highlights their sophisticated approach.

These attacks are carried out through various means, including phishing, supply chain breaches, and infrastructure hacks. These tactics, often executed via conventional cyber operations, allow the hackers to compromise private keys or seed phrases, enabling them to take control of the cryptocurrency and transfer it to their own wallets.

Among these attacks, the March 2022 Ronin Bridge hack stands out as a glaring example, where North Korea successfully purloined a record-setting $650 million through stolen private keys.

As North Korea’s methods advance, so do their money laundering techniques. In response to tighter regulations and enhanced tracking capabilities, the hackers have transitioned from simple cryptocurrency exchange exploitation to employing intricate, multi-stage laundering processes.

As the cryptocurrency world evolves, so do the strategies of its adversaries. North Korea’s escalating crypto heists underscore the need for heightened security measures and international collaboration to counter this persistent threat.