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North Korean hackers have intensified their crypto theft activities in 2024, stealing an estimated $1.34 billion across 47 incidents, a 102.88% increase from 2023. This surge accounts for 61% of all global crypto thefts, with a notable rise in high-value hacks exceeding $50 million. Despite a slowdown in the latter half of the year, the overall scale of North Korean cybercriminal operations remains significant, with decentralized finance platforms being the primary targets early in the year.
Roman Storm, co-founder of Tornado Cash, has requested a federal judge to dismiss his criminal charges following a Fifth Circuit Appeals Court ruling that deemed sanctions against the platform's smart contracts unlawful. Storm argues that the court's opinion undermines the charges of conspiring to violate the International Emergency Economic Powers Act, asserting that the smart contracts are not property of any foreign entity and cannot be sanctioned. He also contends that Tornado Cash is not a financial institution, further challenging the charges of operating an unlicensed money-transmitting business and money laundering conspiracy.
In 2024, hackers stole over $2.2 billion from crypto platforms, marking a 21.07% increase from the previous year. Notably, North Korean hackers accounted for 61% of the total theft, with $1.34 billion taken across 47 incidents, a staggering 102.88% rise from 2023. Although hacking incidents surged in the first half of the year, the trend slowed significantly after July.
North Korean hackers stole over $1.3 billion in cryptocurrency in 2024, doubling their haul from the previous year, according to Chainalysis. The increase in thefts, particularly larger attacks, indicates a growing sophistication in their operations. Despite a decline in global hacking activity later in the year, the DPRK's hacking efforts remain significant, with notable incidents including a $235 million breach of the WazirX exchange.
Cryptocurrency theft surged to $2.2 billion in 2024, with North Korean hackers responsible for 61% of the losses, totaling $1.34 billion across 47 incidents. While decentralized finance platforms were primary targets in early 2024, the focus shifted to centralized services later in the year, highlighted by significant breaches at DMM Bitcoin and WazirX. The ongoing threat from these cybercriminals emphasizes the urgent need for enhanced security measures in the crypto industry.
In 2024, crypto thefts surged to $2.2 billion, a 21% increase from the previous year, with North Korean hackers responsible for 61% of the total, stealing $1.34 billion across 47 attacks. The hacking incidents rose to 303, with centralized exchanges becoming the primary targets, particularly after a notable decline in thefts following the Putin-Kim summit in late June.
In 2024, North Korean hackers accounted for 61% of the $2.2 billion stolen in cryptocurrency, marking a significant increase from the previous year. Their operations have evolved, focusing on high-value breaches, with notable incidents involving $50-$100 million and over $100 million. Despite a surge in thefts during the first half of the year, activity slowed in the latter half, potentially due to shifting priorities amid geopolitical tensions.
The Delhi High Court has ordered a new investigation into WazirX following allegations of financial irregularities and a significant hack linked to North Korea, which resulted in a $235 million loss. This comes as Binance announced it would delist WazirX's native token, WRX, due to compliance issues, leading to a 59% drop in its value. Despite efforts to recover funds, WazirX faces intense scrutiny and challenges in restoring investor confidence and operational integrity.
The U.S. Treasury has sanctioned two individuals, Lu Huaying and Zhang Jian, for their involvement in a North Korean crypto money laundering network that funds the regime's weapons programs. The sanctions freeze their assets and prohibit American businesses from engaging with them. Additionally, the FBI warns that North Korean cybercriminals are increasingly targeting cryptocurrency firms, employing sophisticated social engineering tactics to steal digital assets.
The US Treasury, in collaboration with the UAE, has sanctioned two Chinese nationals and a UAE-based company for their roles in facilitating North Korean digital asset laundering. Lu Huaying and Zhang Jian allegedly converted cryptocurrency to fiat for goods destined for North Korea, while Green Alpine Trading is accused of being a front for money laundering operations linked to North Korean financial activities. North Korean groups reportedly stole between $600 million and $3 billion in cryptocurrency from 2017 to 2023 through various illicit methods.
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north korean hackers escalate crypto thefts stealing 1.34 billion in 2024
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