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Along with the rise in adoption and value of cryptocurrencies, theft is also on the rise. This year, the total value of stolen cryptocurrency increased by 21% to $2.2 billion. And according to Chain analysis report More than half of that amount, released Thursday, was stolen by hacking groups linked to North Korea.
Earlier this year The United Nations Security Council said North Korean hackers stole $3 billion in cryptocurrency assets between 2017 and 2023. In 2024, hackers linked to North Korea accounted for 61% of the total amount stolen—worth $1.34 billion across 47 cases, according to a report by Chainalysis.
Geopolitics in the picture
The report highlights that most of the crypto-currencies took place between January and July this year, but the amount stolen has already exceeded $1.58 billion, which is about 84.4% more than the same period in 2023.
After July, hacking incidents became significantly rarer, potentially due to geopolitics. Chainalysis attributes this to North Korea’s alliance with Russia after the meeting Between Russian President Vladimir Putin and North Korean leader Kim Jong Un in June.
Since the June summit, the amount of cryptocurrencies stolen by hackers linked to North Korea has dropped by 53.73%, according to Chainalysis. North Korea, which has increased cooperation with Russia, may have changed its cybercrime tactics, the report said.
Victims need stronger protection
Cryptocurrency hacking continues to be a constant threat, having increased in four separate years over the past decade – 2018 ($1.5 billion), 2021 ($3.3 billion), 2022 ($3.7 billion) and 2023 ($1.8 billion). A billion dollars worth of cryptocurrency has been hacked. billion).
Decentralized finance (DeFi) platforms do not apply proper safety practices It has been the main target of cryptocurrency hacking for the past three years and accounted for the highest amount of stolen assets in the first quarter of 2024. However, between the second and third quarters of 2024, centralized services were the main target of attacks.
2024 includes several notable cases of centralized services under attack DMM Bitcoin, Japanese cryptocurrency It lost $305 million (¥48 billion) in bitcoin and Indian cryptocurrency WazirX, stopped retreating in July After a security breach by hackers linked to North Korea.
