North Korea's 2024 Crypto Heists: How $659M Was Stolen Through Fake Job Scams

North Korea’s 2024 Crypto Heists: How $659M Was Stolen Through Fake Job Scams

In 2024, North Korean-backed hackers have executed multiple cryptocurrency heists, stealing at least $659 million through various attacks. This alarming trend highlights the growing threats posed by cybercriminals in the digital currency space, particularly as they infiltrate blockchain companies using insider tactics.

Confirmed Hacks and Major Cryptocurrency Thefts

A joint statement from the United States, Japan, and South Korea revealed the first official acknowledgment that North Korea was responsible for the significant WazirX hack in July 2024, which resulted in a loss of $235 million. This breach prompted WazirX, India’s largest cryptocurrency exchange, to suspend trading and restructure its operations.

Other Notable Incidents

Alongside the WazirX incident, other major attacks included:

  • $308 million stolen from DMM Bitcoin in Japan
  • $50 million from Upbit
  • $50 million from Radiant Capital
  • $16.13 million from Rain Management

Methods Used by North Korean Hackers

The joint statement pointed to the Lazarus Group, a notorious North Korean hacking organization, as the perpetrator of these attacks. They employed various tactics including:

  • Social engineering attacks
  • Deployment of cryptocurrency-stealing malware, such as TraderTraitor
  • Infiltration of companies by posing as job candidates

As a result, the governments advised private sector entities, especially those in the blockchain and freelance industries, to closely monitor these advisories. They emphasized the need for enhanced cyber threat mitigation measures to avoid inadvertently hiring North Korean IT workers.

The Bigger Picture: North Korea’s Cyber Activities

According to earlier reports from the United Nations, North Korea has stolen approximately $3 billion in cryptocurrency from 2017 to 2023 to fund its sanctioned nuclear weapons programs. Recent data from Chainalysis indicates that North Korean hackers were responsible for 61% of all cryptocurrency thefts in 2024, amounting to a staggering $1.34 billion.

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As cyber threats continue to evolve, it is crucial for individuals and companies in the cryptocurrency space to remain vigilant and informed about potential risks.

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