North Korean Hackers Allegedly Swiped Over $659 Million in Cypto Assets in 2024

North Korean hackers allegedly stole over $659 million in cryptocurrency last year, raising global security concerns.

At a Glance

North Korea allegedly stole more than $659 million in cryptocurrency in 2024.
The US, South Korea, and Japan issued a joint warning about North Korean hackers.
Five major heists at cryptocurrency exchanges and financial platforms were linked to North Korea.
North Korean hackers allegedly used social engineering and identity theft to infiltrate companies.
The Lazarus Group, a North Korean hacker group, was identified as a key player in these attacks.

North Korea’s Cyber Heists: A Threat to Global Financial Security

The United States government has accused North Korean hackers of orchestrating a massive cryptocurrency theft, amounting to over $659 million in 2024 alone. This alleged cyber heists have sent shockwaves through the international community, prompting a unified response from the United States, South Korea, and Japan.

The scale of these attacks is staggering, with at least five major heists allegedly targeting cryptocurrency exchanges and financial platforms. The largest of these thefts reportedly involved DMM Bitcoin, a Japanese exchange, which lost a staggering $308 million in May 2024. Another significant breach occurred in July 2024, when WazirX, India’s largest cryptocurrency exchange, fell victim to a $235 million theft.

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— BleepingComputer (@BleepinComputer) January 14, 2025

The Lazarus Group: North Korea’s Cyber Warriors

Reportedly at the heart of these cyber attacks is the notorious Lazarus Group, a North Korean hacker collective known for its sophisticated and relentless tactics. This group has been linked to numerous high-profile breaches, including the theft of $625 million from Axie Infinity in 2022. The Lazarus Group employs advanced malware such as TraderTraitor and AppleJeus to execute their breaches, showcasing the evolving threat landscape in the digital world.

These cyber attacks are not merely financial crimes; they represent a significant threat to international security. The stolen funds are believed to be funneled into North Korea’s nuclear weapons program, exacerbating global tensions. A 2019 UN report estimated that North Korean hackers had stolen $2 billion from banks and cryptocurrency projects to fund their nuclear ambitions, underscoring the severity of this issue.

Social Engineering: The Human Element in Cyber Attacks

The success of these North Korean hackers lies not just in their technical prowess but also in their mastery of social engineering tactics. They have reportedly been known to pose as recruiters on professional networking sites like LinkedIn, tricking unsuspecting employees into installing malware that facilitates Bitcoin theft. This human-centric approach to hacking highlights the importance of cybersecurity awareness and training in all organizations.

“The DPRK’s cyber program threatens our three countries and the broader international community and, in particular, poses a significant threat to the integrity and stability of the international financial system,” a joint statement from the U.S., Japan, and South Korea says.

In a concerning development, North Korean IT workers, dubbed “IT warriors,” have allegedly been impersonating U.S.-based staff to gain employment and access to networks. This infiltration tactic has prompted the U.S. State Department to offer up to $5 million for information on North Korean front companies involved in illegal IT work. The joint statement from the U.S., South Korea, and Japan urges blockchain companies and freelance work industries to enhance their vetting processes to prevent inadvertently hiring these North Korean operatives.

A Call for Vigilance and Cooperation

The threat of North Korean cyber attacks demands a coordinated international response. The joint statement emphasizes the need for collaboration among the U.S., South Korea, and Japan to combat these threats effectively. Private sector entities, particularly in the blockchain and freelance industries, are advised to review government advisories and implement robust cyber threat mitigation measures.