North Korea's Extensive 2024 Cryptocurrency Heists: A Multi-Nation Response

North Korean-backed hackers have reportedly stolen a minimum of $659 million through a series of cryptocurrency heists in 2024. These hackers have also strategically infiltrated blockchain companies by posing as IT workers to act as insider threats, as revealed in a rare collaborative statement by Japan, South Korea, and the United States.

Major Hacks Confirmed

This declaration marked the first official acknowledgment of North Korea's involvement in the July attack on WazirX, India's largest cryptocurrency exchange, resulting in a $235 million theft. The breach led to trading suspensions on WazirX, and a significant restructuring of the company was required in response to the incident.

Additional Notable Incidents

According to the joint statement, other significant thefts included a $308 million loss from Japan's DMM Bitcoin, $50 million each from Upbit and Radiant Capital, and a $16.13 million heist from Rain Management.

Methodologies and Warnings

The Lazarus Group, a notorious North Korean hacking faction, orchestrated these crimes through social engineering techniques and by disseminating cryptocurrency-stealing software such as TraderTraitor. These efforts were bolstered by infiltrating companies through North Korean operatives masquerading as legitimate job candidates.

"The United States, Japan, and the Republic of Korea advise private sector entities, particularly in blockchain and freelance work industries, to thoroughly review these advisories and announcements to better inform cyber threat mitigation measures and mitigate the risk of inadvertently hiring DPRK IT workers," the governments advised.

Broader Implications

Earlier United Nations reports indicated that North Korea appropriated $3 billion in cryptocurrency between 2017 and 2023 to fund its nuclear weapons program, which is under international sanctions. Recent analysis by Chainalysis highlighted that North Korean cybercriminals accounted for 61% of all cryptocurrency thefts in 2024, amounting to a staggering $1.34 billion.