<\/p>\n
A total of $2.2bn (\u00a31.76bn) in cryptocurrencies has been stolen this year, with North Korean hackers accounting for more than half that figure, according to a new study.<\/p>\n
Research firm Chainalysis says hackers affiliated with the reclusive state stole $1.3bn of digital currencies – more than double last year’s haul.<\/p>\n
Some of the thefts appear to be linked to North Korean hackers posing as remote IT workers to infiltrate crypto and other technology firms, the report says.<\/p>\n
It comes as the price of bitcoin has more than doubled this year as incoming US president Donald Trump is expected to be more crypto-friendly than his predecessor, Joe Biden.<\/p>\n
Overall, the amount of cryptocurrency stolen by hackers in 2024 increased by 21% from last year but it was still below the levels recorded in 2021 and 2022, the report said.<\/p>\n
“The rise in stolen crypto in 2024 underscores the need for the industry to address an increasingly complex and evolving threat landscape.”<\/p>\n
It said the majority of crypto stolen this year was due to compromised private keys – which are used to control access to users’ assets on crypto platforms.<\/p>\n
“Given that centralised exchanges manage substantial amounts of user funds, the impact of a private key compromise can be devastating”, the study added.<\/p>\n
Some of the most significant incidents this year included the theft of the equivalent of $300m in bitcoin from Japanese cryptocurrency exchange, DMM Bitcoin, and the loss of nearly $235m from WazirX, an India-based crypto exchange.<\/p>\n
The US government has said the North Korean regime resorts to cryptocurrency theft and other forms of cybercrime to circumvent international sanctions and raise money.<\/p>\n
Last week, a federal court in St Louis indicted 14 North Koreans for allegedly being part of a long-running conspiracy aimed at extorting funds from US companies and funneling money to Pyongyang’s weapons programmes.<\/p>\n
The US State Department also announced that it would offer a reward of up to $5m for anyone who could provide more information about the alleged scheme.<\/p>\n
Watch the latest edition of BizTech below:<\/b><\/p>\n