N Korea hackers stole $1.3bn of crypto this year - report

According to a recent report, North Korean hackers have stolen a staggering $1. 3 billion in cryptocurrency this year alone. This figure is part of a larger total of $2. 2 billion in digital currencies that have been taken by hackers in 2024. The research firm Chainalysis, which specializes in tracking cryptocurrency theft, indicates that North Korean hackers are responsible for more than half of this total. This year's theft is more than double the amount stolen by these hackers last year, highlighting a significant increase in their activities. nnThe report suggests that some of these hackers have been posing as remote IT workers to infiltrate cryptocurrency and technology companies. By pretending to be legitimate employees, they can gain access to sensitive information and systems, making it easier for them to steal money. This tactic is particularly concerning as it shows how hackers are evolving and finding new ways to exploit vulnerabilities in the system. The report also notes that the political landscape may be shifting, as the incoming U. S. president, Donald Trump, is expected to be more supportive of cryptocurrency than his predecessor, Joe Biden. This change could have implications for how cryptocurrency is regulated and protected in the future. nnIn 2024, the overall amount of cryptocurrency stolen increased by 21% compared to the previous year. However, it is still lower than the levels seen in 2021 and 2022. The report emphasizes the need for the cryptocurrency industry to address the growing threat of cybercrime. Most of the stolen cryptocurrency this year was due to compromised private keys, which are essential for accessing users' funds on cryptocurrency platforms. The report warns that if centralized exchanges, which hold large amounts of user funds, experience a private key compromise, the consequences can be devastating. Some of the most notable thefts this year include the loss of $300 million in bitcoin from the Japanese exchange DMM Bitcoin and nearly $235 million from the Indian exchange WazirX. The U. S. government has stated that North Korea uses cryptocurrency theft and other cybercrimes to bypass international sanctions and fund its activities. Recently, the U. S. State Department announced a reward of up to $5 million for information about a scheme aimed at extorting money from U. S. companies and supporting North Korea's weapons programs.