[NEWS] North Korean hackers to steal 200 billion yen worth of crypto assets in 2024; may also be involved in the unauthorized leak of DMM Bitcoin

Chainalysis, a US blockchain analysis company, released the results of its investigation into the illegal leakage of cryptocurrencies on the 19th.

According to the investigation, the amount of cryptocurrencies illegally leaked from platforms such as cryptocurrency exchanges in 2024 was $2.2 billion (approximately 345.5 billion yen), up 21% from the previous year. The number of hacking incidents also increased from 282 in 2023 to 303 in 2024.

According to the investigation, from January to July this year, the amount had already reached $1.58 billion (approximately 248 billion yen), more than half of the total. Chainalysis analyzed that this was largely due to the influence of North Korean hackers, calling them "notorious for their sophisticated and persistent methods."

The amount of cryptocurrency stolen by North Korean hackers in 2024 is said to be $1.34 billion (approximately 210 billion yen), an increase of approximately 102% compared to last year's approximately $660.5 million (approximately 103.7 billion yen).

On the other hand, Chainalysis points out that since July of this year, North Korean hackers' activities have slowed down and the frequency of illegal leaks has slowed significantly. As a factor, it cites a meeting between Russian President Putin and North Korean leader Kim Jong-un in late June, explaining that there may have been a change in policy regarding cyber attacks for some reason in the process of strengthening the alliance.

Chainalysis also mentioned the illegal leakage of Bitcoin (BTC) from the domestic cryptocurrency exchange DMM Bitcoin that occurred in May this year. The amount of Bitcoin leaked from DMM Bitcoin reached 4,502.9 BTC, and the full extent of the incident is still unclear. However, Chainalysis points out the possibility that North Korean hackers were involved in this incident as well.

The hacker also illegally obtained Bitcoin from DMM Bitcoin, distributed it to several wallets, and finally moved it to Huione Guarantee, an online marketplace of the Cambodian conglomerate Huione Group, through a mixing service. It appears that the hacker was laundering funds using a sophisticated method.

Chainalysis states that it is necessary to establish a stronger security system in order to prevent such illegal leakage incidents. In particular, the increase in illegal leakage of cryptocurrency since the beginning of this year "shows the situation in which the industry needs to respond to increasingly complex and evolving threats."

Reference: Survey results
Image: Shutterstock

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