North Korean Crypto Heists Surge in 2024: What’s Next?

It’s 2024 and North Korean hackers have been on a rampage, stealing over $1.3 billion in digital assets. Yeah, you read that right. This is an insane uptick in cybercrime and it’s got me thinking about the future of the crypto world, especially with the way things are politically shifting with Russia.

What’s Going On With North Korea’s Crypto Theft?

According to a Chainalysis report released on Dec. 19, North Korean hackers have been busy with crypto thefts, raking in a whopping $1.3 billion in 2024! That's across 47 incidents, mind you. This is a huge jump from the $660 million they stole in 2023. Chainalysis notes that the hackers are getting better and faster at executing these massive exploits, which is scary.

“Notably, attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023, suggesting that the DPRK is getting better and faster at massive exploits. This is in stark contrast to the previous two years, during which its exploits more often each yielded profits below $50 million.”

The Broader Implications

Now, let’s not forget the geopolitical implications here. The money that these hackers are stealing is often used to fund critical state objectives like military programs and nuclear proliferation. And with North Korea and Russia getting cozier, it complicates things even more. The decline in funds stolen by the DPRK after July 1, 2024, coincides with increased cooperation between the two countries, although it’s not clear if Putin’s visit to Pyongyang was the catalyst.

The Crypto World Response

Overall, the global crypto thefts did decline in late 2024. Maybe it’s because of stricter cybersecurity measures or international cooperation against cybercrime. But the timing of the North Korean decline suggests they might be changing their tactics or relying less on crypto theft due to shifting geopolitical landscapes.

Major Hacks in 2024

We also saw some significant hacks this year. For instance, BingX, a crypto exchange, was hit in September with around $44 million stolen. And in July, WazirX lost a staggering $235 million after hackers targeted one of its Safe multisig wallets on Ethereum. It’s clear that the crypto world needs to step up its security game.

Summary

Overall, the surge in North Korean crypto thefts and their ties with Russia add another layer of complexity to the state-sponsored cybercrime narrative. As the crypto market continues to grow, so does the importance of robust security measures and international cooperation. It's a wild ride, and we need to stay vigilant.