North Korean hackers have stolen $1.34bn (£1bn) in cryptocurrency in 2024, accounting for nearly 60 per cent of the total amount stolen across the world, according to a new study.

A total of $2.2bn (£1.76bn) has been stolen from crypto platforms this year, marking a rise of 21 per cent, with crypto hacks by North Korean affiliates “becoming more frequent”, a study by blockchain analysis company Chainalysis said.

The amount stolen by North Korea-affiliated saw a 102 per cent increase in value from 2023, when an estimated $660.50m was stolen.

Isolated in the global market and reeling under international sanctions, the government in North Korea is accused of turning to crypto theft to fund state-sponsored operations and support its booming nuclear arsenal.

The report said that the US and international experts have assessed that Pyongyang uses the stolen crypto money to “finance its weapons of mass destruction and ballistic missiles programs”.

“Hackers linked to North Korea have become notorious for their sophisticated and relentless tradecraft, often employing advanced malware, social engineering, and cryptocurrency theft to fund state-sponsored operations and circumvent international sanctions,” the report said.

Some of these attacks appeared to be linked to North Korean IT workers who have been able to infiltrate crypto and other technology firms, the report added.

“These workers often use sophisticated Tactics, Techniques, and Procedures (TTPs), such as false identities, third-party hiring intermediaries, and manipulating remote work opportunities to gain access,” it said.

The research comes at a time when the value of bitcoin, the world’s biggest and best-known cryptocurrency, has rallied to record levels ahead of US president-elect Donald Trump‘s second administration. This week Mr Trump reiterated that he plans to create a US strategic reserve of bitcoin similar to its strategic oil reserve, stoking the enthusiasm of crypto bulls.

The US Department of Justice (DoJ) has launched a crackdown on North Korean hackers engaged in crypto theft in recent years. It indicted 14 North Korean nationals who obtained employment as remote IT workers at US companies and were accused of generating more than $88m by stealing proprietary information and extorting their employers.

In one of the most significant incidents of crypto theft, a North Korea-affiliated hack targeted the Japanese cryptocurrency exchange DMM Bitcoin. The attack led to the theft of around 4,502.9 Bitcoin, worth $305m at the time.

A total of $2.2bn (£1.76bn) in cryptocurrencies has been stolen this year, with North Korean hackers accounting for more than half that figure, according to a new study.

Research firm Chainalysis says hackers affiliated with the reclusive state stole $1.3bn of digital currencies – more than double last year’s haul.

Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report says.

It comes as the price of bitcoin has more than doubled this year as incoming US president Donald Trump is expected to be more crypto-friendly than his predecessor, Joe Biden.

Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21% from last year but it was still below the levels recorded in 2021 and 2022, the report said.

“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape.”

It said the majority of crypto stolen this year was due to compromised private keys – which are used to control access to users’ assets on crypto platforms.

“Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating”, the study added.

Some of the most significant incidents this year included the theft of the equivalent of $300m in bitcoin from Japanese cryptocurrency exchange, DMM Bitcoin, and the loss of nearly $235m from WazirX, an India-based crypto exchange.

The US government has said the North Korean regime resorts to cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and raise money.

Last week, a federal court in St Louis indicted 14 North Koreans for allegedly being part of a long-running conspiracy aimed at extorting funds from US companies and funnelling money to Pyongyang’s weapons programmes.

The US State Department also announced that it would offer a reward of up to $5m for anyone who could provide more information about the alleged scheme.

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