gettyimagesbank

Hackers affiliated with North Korea stole a record $1.34 billion from cryptocurrency platforms across 47 incidents this year, according to blockchain data analysis firm Chainalysis, Friday. This amount accounts for 61 percent of the total stolen funds so far this year.

Chainalysis noted that North Korea's crypto attacks are becoming more frequent, suggesting that the country is enhancing its speed and sophistication in executing large-scale breaches.

Attacks ranging from $50 million to $100 million, as well as those exceeding $100 million, occurred much more frequently in 2024 compared to 2023.

This trend can be partly attributed to North Korean IT workers, who are increasingly infiltrating crypto and Web3 companies. They often use false identities, third-party hiring intermediaries, and remote work opportunities to gain access.

For example, the U.S. Department of Justice recently indicted 14 North Korean nationals who had worked as remote IT contractors for American companies, generating more than $88 million by stealing proprietary information and extorting their employers.

However, the amount stolen in such financial heists dropped by half following a summit between Russian President Vladimir Putin and North Korean leader Kim Jong-un in late June. Their growing alliance has seen North Korea deploy troops to Ukraine and supply ballistic missiles to Russia, while Moscow released millions of dollars in previously frozen assets owned by the North.

The amounts stolen by North Korea fell by approximately 53.73 percent after the summit, while the amounts stolen by non-North Koreans increased by 5 percent, according to the report.

"It is therefore possible that ... the DPRK (Democratic People's Republic of Korea), which has dramatically increased its cooperation with Russia in recent years, may have altered its cybercriminal activity as well," the report stated.