The Democratic People’s Republic of Korea—often referred to as North Korea—is reportedly responsible for 61% of crypto stolen this year, according to Chainalysis.

“In 2023, North Korea-affiliated hackers stole approximately $660.50 million across 20 incidents; in 2024, this number increased to $1.34 billion stolen across 47 incidents—a 102.88% increase in value stolen,” reads a recent report from major crypto forensics firm Chainalysis. This is the highest amount siphoned in by North Korean hackers in any year so far.

Luis Lubeck, services project manager at crypto cybersecurity firm Hacken, told Decrypt that the financial collaboration between North Korea and Russia exacerbates the situation.

“It heightens threats by sharing tools and expertise, complicating attribution and response efforts,” he said. “This partnership could escalate global cyber conflicts and reshape how cyber warfare will held place with alliances instead of solo efforts from one state.”

One trend the industry has seen develop is North Korea linked hackers posing as smart contract developers, purposefully including concealed vulnerabilities or backdoors in the projects they contribute to. So far, in 2024, 47 hacks have been linked to North Korean hackers—equivalent to two-thirds of the total number of crypto hacks.

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Author: Adrian Zmudzinski