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Sujha Sundararajan
Author
Sujha Sundararajan
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The Democratic People’s Republic of Korea (DPRK)-backed hackers have stolen at least $659 million in 2024 through various crypto heists.
The USA, Japan and South Korea released a joint statement Tuesday, detailing North Korea-linked crypto thefts and their targeted entities.
The statement warned the blockchain industry regarding the ongoing targeting that compromised several entities.
“Our three governments strive together to prevent thefts, including from private industry, by the DPRK and to recover stolen funds with the ultimate goal of denying the DPRK illicit revenue for its unlawful weapons of mass destruction and ballistic missile programs,” the US government wrote.
The DPRK-affiliated groups, including the infamous Lazarus Group, has been demonstrating a pattern of malicious behavior in cyberspace. The group laundered $200 million worth of crypto into fiat currency between August 2020 and October 2023, per an investigation.
In October 2024, the US government filed a legal complaint against Lazarus Group, to recover $2.6 million in stolen cryptos.
Governments Attribute Multiple 2024 Crypto Thefts to DPRK
The United States, Japan, and the Republic of Korea highlighted some of the major thefts in 2024, that amassed millions of cryptos.
Japanese exchange DMM Bitcoin topped the list with $320 million loss in May 2024, due to a private key hack. In the same month, Bahrain-based crypto exchange Rain Management fell victim to a $14.8 million exploit, carried-out by North Korean perpetrators.
Another prominent crypto exchange Upbit suffered a $50 million loss in 2019. However, South Korean authorities confirmed last year that North Korean hackers were responsible for the cyberattack.
Indian crypto exchange WazirX’s $234 million crypto theft on July 18, 2024, was another notable incident that shook the community.
The joint statement has advised private sector entities, particularly blockchain, to thoroughly review their previous government advisories and announcements. These notifications carried out information on DPRK IT workers that present an insider threat to private sector partners.
“Deeper collaboration among the public and private sectors of the three countries is essential to proactively disrupt these malicious actors’ cybercrime operations, protect private business interests, and secure the international financial system.”
