North Korea’s Crypto Hackers Steal $2.2 Billion in 2024, Chainalysis Reports
North Korea cryptocurrency hackers have stolen $2.2 billion in decentralized currencies this year alone, with $1.3 billion attributed to thefts by IT workers infiltrating crypto and tech firms, according to Chainalysis.
After North Korea cryptocurrency theft attempt, especially as President-elect Trump, a cryptocurrency supporter, prepares to take office in January, many questions arise about potential North Korea cryptocurrency sanctions from the US.
North Korea Stealing Cryptocurrency Tactics
Chainalysis reports a 21% increase in stolen cryptocurrency in 2024, compared to 2023, though it’s still below 2021 and 2022 levels. Bitcoin prices rose this year after Trump’s election, fueled by optimism over his crypto-supportive stance compared to Biden.
“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape,” according to Chainalysis.
The claims signal that most of North Korea cryptocurrency hack attempts were due to compromised private keys that control access to user’s assets on crypto platforms.
“Given that centralized exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating”, the study added.
2024 saw some of the biggest cryptocurrency thefts: $300 million from Japan’s crypto exchange DMM (Japan-based electronic commerce) Bitcoin and $245 million from the India’s crypto exchange WazirX. Media attribute the North Korea cryptocurrency hacks to the regime itself. Last week, a St. Louis federal court indicted 14 North Koreans for allegedly extorting US companies to funnel money to fund Pyongyang’s weapons programs.
The US State Department has offered a reward of up to $5 million for information about this North Korea hacking cryptocurrency funds attempt. The indictment marks a significant step in addressing North Korea’s illegal activities.
Final Thoughts
The public agrees that the North Korea cryptocurrency thefts are dangerous and must be stooped, but many await Trump’s response to such attempts.
Even though Trump supports digital currencies like Bitcoin, the President-elect has been strict with East Asian companies to protect US industries. Will Trump impose strict regulations and sanctions for protect digital currencies and completely curb hacking?
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