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North Korea Accused of Stealing $659M in Cryptocurrency in 2024

North Korea Accused of Stealing $659M in Cryptocurrency in 2024

In a joint announcement, the United States, South Korea, and Japan revealed that North Korean state-sponsored hackers were responsible for stealing over $659 million in cryptocurrency in 2024. The statement highlights ongoing cybersecurity threats posed by North Korean entities, particularly targeting blockchain and cryptocurrency sectors.

Key Findings

North Korean hackers employed sophisticated tactics, including social engineering, to breach security systems. As recently as September 2024, these cyber actors targeted cryptocurrency firms globally, raising concerns about the safety of digital financial ecosystems.

Major Breaches Linked to North Korea

The report specifically attributes the July 2024 breach of India’s largest Bitcoin exchange, WazirX, to North Korea. The attack led to losses of $235 million. Additionally, North Korean-linked groups were tied to other significant heists:

  • DMM Bitcoin: $308 million stolen
  • Upbit: $50 million lost
  • Rain Management: $16.13 million lost
  • Radiant Capital: $50 million stolen

Blockchain analysis firm Chainalysis estimates an even higher theft figure for 2024, suggesting North Korean hackers stole $1.34 billion in 47 cyberattacks, breaking their own record from 2022.

Also Read: XRP Price Surge: Experts Predict Major Gains for Ripple’s Cryptocurrency

Impact on the Global Financial System

The United States, South Korea, and Japan emphasized that North Korea’s cyber activities pose a significant threat to the stability of international financial systems. The hacking group Lazarus, a well-known North Korean state-backed entity, was directly implicated in these activities, underlining the systemic risks associated with state-sponsored cybercrime.

North Korea’s IT Espionage Tactics

In addition to direct cyber theft, North Korea employs what the U.S. government terms “IT warriors.” These operatives pose as remote IT workers and infiltrate global enterprises by disguising their identities. They often connect through U.S.-based laptop farms to blend into corporate networks.

The FBI has long warned of this practice, noting that North Korea maintains a vast pool of trained IT professionals skilled at exploiting global hiring processes. These schemes have allowed the country to generate millions of dollars while bypassing international sanctions.

Reward for Information

In response to these threats, the U.S. State Department has announced a reward of up to $5 million for information leading to the disruption of North Korean front companies, such as Yanbian Silverstar and Volasys Silverstar. These firms, over the past six years, have facilitated illegal remote IT work schemes, generating more than $88 million.

Recommendations for Businesses

The joint statement urges private companies to remain vigilant against cybersecurity threats and thoroughly review advisory notices. Strengthened vetting processes and enhanced monitoring systems are essential to safeguard against infiltration by North Korean actors.

Global Call for Action

With an expected increase in cyber threats, the collaboration between the U.S., South Korea, and Japan serves as a call to action for international entities to address the growing menace of state-sponsored cybercrime. As blockchain technology becomes a cornerstone of modern finance, ensuring its security remains a critical global priority.

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