North Korean hackers stole $1.3 billion in cryptocurrencies this year, the report says

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

Research firm Chainalysis says hackers linked to the reclusive country stole $1.3 billion in digital currencies – more than double what they took in last year.

The report says some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to hack into cryptocurrencies and other technology companies.

It comes as The price of Bitcoin has more than doubled This year, the next US President Donald Trump is expected to be more friendly to cryptocurrencies than his predecessor Joe Biden.

Overall, the report said, the amount of cryptocurrencies stolen by hackers in 2024 increased by 21% from last year, but it is still lower than the levels recorded in 2021 and 2022.

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

It said the majority of stolen cryptocurrencies this year were due to hacking of private keys – which are used to control access to users’ assets on cryptocurrency platforms.

“Given that centralized exchanges manage large amounts of user funds, the impact of private key compromise could be devastating,” the study added.

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

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

last week, Fourteen North Koreans were charged in federal court in St. Louis for allegedly being part of a long-term conspiracy With the aim of extorting money from American companies and transferring the money to Pyongyang’s weapons programs.

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