Of the total amount of cryptocurrencies stolen by hackers around the world, that stolen by the North Koreans is undoubtedly the most significant. However, as the year 2024 progressed, the amounts stolen by hackers based in North Korea suddenly began to plummet.
More than 2 billion dollars stolen by hackers in 2024
In a report published this Thursday, Chainalysis claimed that 2.2 billion dollars in cryptocurrencies were stolen by computer hackers in 2024. For the analysis firm, “ cryptocurrency hacking remains a persistent threat, » since for the 4th consecutive year, the total value of stolen cryptocurrencies exceeds at least $1.8 billion.
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Although the hackers stole less money than in 2021 and 2022, they still managed to steal 400 million dollars more in cryptocurrencies than last year. Also, the number of malicious acts has never been so high with 303 incidents recorded in 2024. This is almost 10 times more than in 2019.
Compared to 2023, stolen funds are more significant, as is the number of malicious acts against the crypto ecosystem
The results for the first half of 2024 suggested that this year was going to be of the same ilk as the years 2021 or 2022 where the threshold of 3 billion dollars of cryptocurrencies had been stolen. Indeed, at the end of June 2024, $1.58 billion stolenor 85% of the amount stolen in 2023.
However, this trend reversed after the summer. For Chainalysis, the reason is mainly geopolitical. Indeed, it is important to know that the majority of funds stolen this year came from actions carried out by North Korean hackers.
In all, $1.34 billion in cryptocurrencies were stolen by North Korea. “ It appears that crypto attacks from the DPRK are becoming more frequent, » explains the analysis firm:
It should be noted that attacks between $50 million and $100 million and those above $100 million occurred much more frequently in 2024 than in 2023which suggests that North Korea is getting better at crypto hacking. This is in stark contrast to the previous 2 yearsduring which his exploits more often generated profits of less than $50 million.
North Korea has never stolen so many cryptocurrencies
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North Korea, the undisputed champion of crypto scams of all kinds
However, if the first part of 2024 was thunderous for North Korean hackers, the 2nd semester was very different. During the summer, several North Korean practices were brought to light.
Thus, on-chain detective ZachXBT discovered that developers based in North Korea impersonated American developers in order to misappropriate their crypto funds. Accusations which were confirmed thanks to an FBI investigation.
Following this, companies specializing in cryptocurrencies were invited to proceed thorough verification of the identity and background of their employees. Likewise, their IT systems have been strengthened.
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In parallel, the rapprochement in June by Russian President Vladimir Putin and North Korean leader Kim Jong-un leading to the signing of a mutual defense pact coincides with the drop in the amounts stolen.
North Korea has decided to get involved in the Russian-Ukrainian conflictsending its troops to Ukraine and supplying ballistic missiles to Russia. In addition to redirecting its military resources toward the war in Ukraine, it appears that increased North Korean cooperation with the Russians also changed its cybercrime activities.
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Source: Chainalysis
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Surprised by the rise of crypto-assets at the end of the 2010s, I began to closely follow this sector which fascinates me to the greatest extent. When I'm not in football stadiums, rugby stadiums or handball halls, I work on writing relevant articles around cryptocurrencies and more broadly, Web3.
Zacharie Tazrout
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