Global Governments Crack Down
North Korean hackers are being pursued by governments worldwide that blame them for more than half of the value of cryptocurrency stolen during 2024. These hackers, including infamous groups like Lazarus Group, are prime suspects in some of the most notorious cyber thefts in Web3.
The Ronin Network Hack
One such high-profile hack is the $600 million Ronin network hack. This heist was a significant blow to the crypto community, and its impact is still being felt today. The Lazarus Group has been linked to several high-profile hacks, including this one.
South Korea Imposes Sanctions
The latest country to impose sanctions against North Korean hackers is South Korea. On December 26, 2024, South Korea’s Ministry of Foreign Affairs announced that it would be imposing sanctions on 15 members of North Korean IT organizations and one related group. The sanctioned agents are accused of procuring funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department through "overseas foreign currency-earning activities."
The 313th General Bureau’s Kim Cheol-min
One of the individuals sanctioned by South Korea is Kim Cheol-min, a member of the 313th General Bureau. According to reports, Kim earned a large amount of foreign currency while working undercover for United States and Canadian companies before delivering the funds to Pyongyang’s nuclear weapons program.
Kim Ryu Song Indicted
Another individual sanctioned by South Korea is Kim Ryu Song. This individual was indicted by US lawmakers on December 11 for violating sanctions, money laundering, and identity theft. Kim is accused of generating over $88 million in revenue over six years through these illicit activities.
Total Annual Funds Loss
The total annual funds loss due to crypto hacking has increased significantly in recent years. In 2023, hackers stole $1.65 billion worth of cryptocurrency. However, in 2024, this number increased by 40% to reach a staggering $2.3 billion.
North Korea Hackers’ Record
According to Chainalysis data, North Korean hackers have become a major threat to the security of the crypto space. In 2024, these hackers stole over $1.34 billion worth of digital assets across 47 incidents, marking a 102% increase from the $660 million stolen in 2023.
DPRK Hacking Activity
The $1.34 billion represents over 61% of the total crypto value stolen during 2024 and more than 20% of the total hacking incidents. This is a worrying trend for the crypto community, as it suggests that North Korean hackers are becoming increasingly skilled at exploiting vulnerabilities in Web3.
Sophisticated Attacks on the Rise
Despite an overall decrease in the total number of attacks, sophisticated attacks by North Korean agents are increasing. Chainalysis notes that "attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023, suggesting that the DPRK is getting better and faster at massive exploits."
Time Between Successful DPRK Attacks
The time between successful DPRK attacks has also decreased significantly. In 2022, it took North Korean hackers an average of 20 days to execute a successful exploit. However, in 2024, this number dropped to just 5 days.
North Korea’s Improved Hacking Methods
The increase in the frequency of attacks that yielded higher profits to the tune of $50-100 million suggests that the DPRK has improved its hacking methods, allowing it to conduct more lucrative exploits. In contrast, DPRK’s exploits in 2022 often resulted in profits of less than $50 million.
A Worrying Trend for 2025
The trend of North Korean hackers becoming increasingly skilled at exploiting vulnerabilities is a worrying sign for 2025. As the crypto community continues to grow and evolve, it is essential that we remain vigilant against these threats.
