Money stolen via crypto has seen a steady rise in 2024. According to a recent Chainalysis report, over $1 billion worth of cryptocurrency has been stolen in four consecutive years over the last ten years, demonstrating that crypto hacking is still a serious concern.
The alarming milestone will be reached for the sixth time in 2024, demonstrating how the amount that can be stolen increases in tandem with the adoption and values of cryptocurrencies.
In 2024, there were 303 hacking instances, up from 282 in 2023, and the amount of money stolen rose by about 21.07% year-over-year (YoY) to $2.2 billion.
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North Korea Steals Highest Amount of Money in Crypto
Interestingly, around halfway through the year, there was a change in the level of crypto hacking activity. According to Chainalysis mid-year crime update, the total amount of stolen property between January 2024 and July 2024 was $1.58 billion, which is around 84.4% more than the total amount of stolen property during the same time period in 2023.
After July, though, 2024’s increasing trajectory significantly slowed and then stayed largely stable. The major reason for this was DPRK slowing activity post-July.
Hackers with ties to North Korea stole about $660.50 million in 2023 from 20 events; in 2024, they stole $1.34 billion from 47 occurrences, a 102.88% increase in value. These numbers account for 20% of all instances and 61% of the total amount stolen over the year.
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North Korea Introduces New Methods To Steal Money
New methods for crypto fraud are being used by North Korean hackers. Phishing and malware schemes are the most recent addition to the lengthy list of methods that hackers in the DPRK have been using to steal cryptocurrency.
Since 2006, North Korea, formally known as the Democratic People’s Republic of Korea (DPRK), has been under UN sanctions. In an attempt to cut back on funding for its nuclear and ballistic missile programs, the sanctions have been toughened over time.
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Since the nation has been under continuous sanctions, the theft of Bitcoin and virtual assets has permitted the use of the funds for a number of objectives.
Obtaining strategic intelligence and raising funds to promote Kim Jong Un’s Byungjin policy initiatives are the two primary objectives of North Korea’s cyber activities. A significant portion of the stolen funds are believed to be used for the DPRK’s nuclear and ballistic missile projects.
North Korea’s deliberate development of its cyber capabilities as a political tool, particularly in the financial, intelligence, and military realms, has resulted in a sophisticated network of operations.
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