North Korean hackers have escalated their operations in 2024, stealing over $1.3 billion in cryptocurrency, a staggering 61% of all reported crypto thefts for the year, according to analytics firm Chainalysis. The report highlights a sharp increase compared to the $660 million stolen in 2023, with hackers becoming more proficient and frequent in their attacks.

The year saw a rise in high-value exploits, with attacks netting between $50 and $100 million, and even above $100 million, occurring far more often. Chainalysis noted that this represents a dramatic shift from prior years, where gains typically remained below $50 million.

Notable breaches included a $235 million hack on India-based exchange WazirX in July, where attackers compromised a Safe multisig wallet, and a $44 million theft from crypto exchange BingX in September. These incidents underscore the vulnerability of major platforms to sophisticated operations.

North Korean-linked hacking groups have long been tied to significant crypto heists, often using these funds to circumvent international sanctions and bolster the regime's economy. However, Chainalysis reported a decline in such activity after July 2024, potentially linked to North Korea's growing ties with Russia. Despite this drop, experts caution against assuming a lasting slowdown, especially with the holiday season posing heightened risks.

Globally, crypto theft rose 21% year-over-year in 2024, reaching $2.2 billion, though it remained far below the $3.7 billion peak of 2022. DeFi platforms bore the brunt of attacks early in the year, while centralized services became primary targets in later quarters.

As hackers continue to adapt and exploit the digital asset space, the need for robust security measures has never been more critical.