North Korea-affiliated hacking groups were responsible for a staggering 61% of all crypto assets stolen in 2024, according to a new report by Chainalysis. The total value of cryptocurrency theft rose by 21% to $2.2 billion this year, with North Korean hackers accounting for $1.34 billion of that sum across 47 separate incidents.
The report highlights a significant increase in crypto theft compared to previous years, with 2024 marking the fifth year in the past decade where stolen crypto assets exceeded $1 billion. This surge aligns with the growing adoption and value of cryptocurrencies, making them an increasingly attractive target for cybercriminals.
Interestingly, the pattern of theft changed dramatically midway through the year. The first half of 2024 saw an unprecedented spike in hacking activity, with $1.58 billion stolen by July – an 84.4% increase compared to the same period in 2023. However, hacking incidents became notably less frequent after July, potentially due to geopolitical factors.
Chainalysis suggests that the slowdown in North Korean hacking activity might be linked to the country’s strengthening alliance with Russia. Following a summit between Russian President Vladimir Putin and North Korean leader Kim Jong Un in June, the amount of crypto assets stolen by North Korea-linked hackers dropped by 53.73%.