Emily Walker
The United States, Japan, and South Korea have united to alert the crypto sector about the serious hacking threats posed by North Korean actors, particularly observing a rise in targeted attacks.
Urgent Alert from the US, Japan, and South Korea
The US, Japan, and South Korea issued a joint warning to the blockchain industry regarding cyber threats from North Korean hackers. These attackers have been actively compromising various organizations worldwide.
The announcement highlighted that sophisticated hacking groups associated with North Korea, such as the Lazarus Group, exhibit a consistent pattern of cybercriminal behavior, particularly focused on stealing cryptocurrencies.
These cyber threats endanger not only the three nations but also the global community, as they jeopardize financial system integrity and contribute funding to North Korea’s missile development through stolen cryptocurrency.
The cyber activities of North Korea present a significant risk to our nations and the international community, particularly regarding the financial system’s stability. We are committed to combating thefts linked to North Korea and recovering stolen assets, aiming to disrupt their illicit income streams that support weapons programs.
The statement stressed the importance of enhanced cooperation between public and private sectors to tackle these cyber threats and safeguard the global financial framework:
Stronger collaboration across both sectors is crucial to effectively combat these cybercriminals, protecting business interests while ensuring the security of the international financial system.
The nations also raised concerns over North Korean IT professionals infiltrating the industry. Reports indicate that numerous companies have unwittingly employed North Korean IT staff, leading to several crypto firms falling victim to the country’s efforts to circumvent sanctions and secure funding.
North Korean Crypto Thefts Reach $1.34 Billion in 2024
In 2024, significant crypto thefts were attributed to North Korea by the three governments, which included breaches at exchanges, custody platforms, and individual users.
Reportedly, the hacks involved the Japanese exchange DMM Bitcoin, resulting in losses of $308 million, South Korea’s Upbit with $50 million stolen, and Bahrain’s Rain Management, losing $16.13 million.
Additionally, the US and South Korea implicated North Korean hackers in the $235 million heist from WazirX and the $50 million theft from Radiant Capital. Collectively, these activities have led to North Korea being linked to hacks approximating $660 million over the past year.
A Chainalysis report revealed that North Korean hackers stole an unprecedented amount from crypto platforms in 2024, soaring from $660.5 million to $1.34 billion. This represented 20% of total incidents and accounted for 61% of the total value stolen that year.
Furthermore, there was a noticeable increase in high-value attacks (between $50 million and $100 million or more), indicating that North Korea is improving its tactics for large-scale thefts.
