In total, $2.2 billion (£1.76 billion) worth of cryptocurrencies have been stolen this year, with North Korean hackers accounting for more than half of that figure, according to a new study.
Research firm Chainalysis says hackers affiliated with the reclusive state have stolen $1.3 billion in digital currencies, more than double last year's haul.
Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology companies, the report said.
This comes as the price of Bitcoin has more than doubled this year, as new US President Donald Trump is expected to be more supportive of crypto than his predecessor, Joe Biden.
Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21% from last year, but remains below the levels seen in 2021 and 2022, the report said.
“The increase in stolen cryptocurrencies in 2024 highlights the need for the industry to address an increasingly complex and evolving threat landscape.”
He said the majority of cryptocurrencies stolen this year were due to compromised private keys, used to control access to user assets on crypto platforms.
“Given that centralized exchanges manage large sums of user funds, the impact of a private key compromise can be devastating,” the study adds.
Some of the biggest incidents this year include the theft of the equivalent of $300 million in bitcoin from the Japanese cryptocurrency exchange, DMM Bitcoin, and the loss of nearly $235 million from WazirX, a cryptocurrency exchange based in India.
The US government has said the North Korean regime is using cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and raise funds.
Last week, a federal court in St. Louis indicted 14 North Koreans for allegedly participating in a long-running plot to extort funds from U.S. companies and funnel money to America's weapons programs. Pyongyang.
The US State Department also announced it would offer a reward of up to $5 million to anyone who can provide more information about the alleged scheme.
