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Rising Cryptocurrency Thefts in 2024: North Korean Hackers Behind Major Heists and here is the some key points:
Key Statistics
- Total Theft: $2.2 billion in cryptocurrencies were stolen in 2024.
- North Korean Hackers: Responsible for $1.3 billion of the stolen amount, more than half the total and double last year’s figures.
- Annual Increase: Overall cryptocurrency theft rose by 21% compared to 2023 but remained below the peaks seen in 2021 and 2022.
Methods Used by Hackers
- Impersonation: Hackers from North Korea posed as remote IT workers to infiltrate cryptocurrency and technology firms.
- Private Key Compromise: The majority of stolen assets were due to compromised private keys, which grant access to users’ crypto funds. Centralized exchanges were particularly vulnerable.
Major Incidents in 2024
- DMM Bitcoin (Japan): Lost the equivalent of $300 million in bitcoin.
- WazirX (India): Experienced a loss of nearly $235 million.
Global Implications
- Sanction Evasion: North Korea reportedly uses cryptocurrency theft to circumvent international sanctions and fund its weapons programs.
- Legal Action: A US federal court indicted 14 North Koreans for involvement in extortion and financial schemes linked to these cybercrimes.
- Reward for Information: Authorities are offering up to $5 million for information on operations linked to North Korean hackers.
Industry Challenges and Solutions
The increasing sophistication of cyberattacks highlights the need for robust security measures in the cryptocurrency industry. Protecting private keys and implementing stricter insider threat monitoring are critical steps to address this evolving threat landscape.