North Korean-affiliated hacking groups dramatically escalated their attacks on cryptocurrencies throughout 2024, once again placing the global digital asset market under severe cybersecurity threat.
According to a recent report by blockchain analysis firm Chainalysis, North Korean hackers carried out 47 attacks over the course of last year, stealing approximately $1.34 billion worth of cryptocurrencies. This amount accounts for about 61% of total global crypto hacking losses, marking a more than 100% increase compared to 2023.
The U.S. Federal Bureau of Investigation (FBI) and the Japanese National Police Agency (NPA) specifically pointed to the North Korean hacking group “TraderTraitor” as being responsible for the hack of Japan’s DMM Bitcoin exchange in May 2024. Approximately 4,502.9 bitcoins, valued at around $308 million at the time, were stolen during the incident.
It has been revealed that North Korean hackers are increasingly employing not only traditional technical hacking methods but also advanced social engineering tactics. The FBI warned that “North Korean-affiliated hacking groups are infiltrating internal systems of cryptocurrency companies by posing through fake job postings and partnership requests, planting malicious software.”
Industry experts analyze that North Korea’s hacking activities are no longer simply acts of cybercrime but are systematically operated as a means of securing foreign currency at the state level. Chainalysis noted in its report, “North Korea continues to strengthen its operations in order to circumvent international sanctions and fund weapons development, with the range of targets expanding.”
The U.S. Treasury Department has been strengthening its response measures by tracking laundered cryptocurrencies linked to North Korea and updating its blacklist of sanctioned entities. However, experts emphasize that international information sharing and cooperation remain critical. The Japanese National Police Agency also announced that it has tightened cybersecurity regulations and enhanced monitoring of cryptocurrency exchanges following the DMM Bitcoin hacking incident.
A representative from global cryptocurrency exchange BlockFin stated that the company is reinforcing its countermeasures against North Korean hacking threats, noting that the sophistication of hacker tactics makes it increasingly difficult to rely solely on conventional defense systems. BlockFin has conducted a comprehensive review of its security infrastructure and introduced real-time threat detection systems to bolster its cybersecurity measures.
In 2024, North Korea’s cryptocurrency hacking activity reached an all-time high, and experts warn that such threats are likely to persist in 2025.
About BlockFin
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