A total of $2.2bn (£1.76bn) of cryptocurrencies have been stolen this year, with North Korean hackers accounting for more than half of that figure, according to a new study.
Hackers linked to the reactionary state stole $1.3bn of digital currencies – more than double the previous year, research firm Chainalysis says.
Some of the thefts have been linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report said.
This comes as the price of bitcoin has more than doubled this year as incoming US President Donald Trump is expected to be more crypto-friendly than his predecessor Joe Biden.
Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21 percent compared to the previous year but was still below the levels recorded in 2021 and 2022, the report said.
“The increase in stolen crypto in 2024 indicates that the industry needs to deal with a complex and evolving threat landscape.”
He said the majority of crypto thefts this year were due to compromised private keys — used to control access to users’ assets on crypto platforms.
“Given that centralized exchanges manage substantial amounts of user funds, the impact of a private key compromise could be catastrophic,” the study added.
Some of the most significant incidents this year include the theft of $300m worth of bitcoin equivalents from Japanese cryptocurrency exchange DMM Bitcoin and the loss of around $235m from India-based crypto exchange WazirX.
The US government has said that the North Korean government resorts to cryptocurrency theft and other forms of cybercrime to evade international sanctions and raise money.
last week, A federal court in St. Louis indicted 14 North Koreans on charges of being part of a long-running conspiracy. The aim is to extort money from US companies and fund Pyongyang’s weapons programs.
The US State Department also announced that it would offer a reward of up to $5 million for anyone who could provide more information about the alleged scheme.