Government Crackdown on North Korean IT Organizations
In a bid to curb the rising threat of cryptocurrency theft, governments worldwide are intensifying their efforts against North Korean hackers. These hackers have been linked to over half of the total value stolen from the crypto space in 2024, with some estimates suggesting that they have stolen as much as $1.34 billion worth of digital assets.
South Korea Imposes Sanctions Against 15 North Korean IT Organization Members
The latest country to join the fray is South Korea, which has imposed sanctions against 15 members of North Korean IT organizations and one related group. The sanctioned individuals are accused of procuring funds for North Korea’s nuclear missile development program and the DPRK’s Munitions Industry Department through "overseas foreign currency-earning activities."
Kim Cheol-min: A Key Figure in the Sanctions
One of the sanctioned individuals is Kim Cheol-min, a member of the 313th General Bureau. According to reports, Kim earned a "large amount of foreign currency" by working undercover for United States and Canadian companies before delivering the funds to Pyongyang’s nuclear weapons program.
Kim Ryu Song: Indicted by US Lawmakers
Another sanctioned worker, Kim Ryu Song, was indicted by US lawmakers on December 11 for violating sanctions, money laundering, and identity theft. The indictment alleges that Kim generated more than $88 million in revenue over six years through his illicit activities.
Total Annual Funds Loss
The sanctions come as a response to another big year for crypto hackers, who stole $2.3 billion worth of cryptocurrency in 2024 – a 40% increase over the value stolen in 2023.
North Korea Hackers: A Major Threat to Crypto Security
North Korea-affiliated hackers have become a major threat to the security of the crypto space. During 2024, North Korean hackers stole over $1.34 billion worth of digital assets across 47 incidents – marking a 102% increase from the $660 million stolen in 2023.
DPRK Hacking Activity: A Concerning Trend
The $1.34 billion represents over 61% of the total crypto value stolen during 2024 and more than 20% of the total hacking incidents. In a worrying sign for 2025, sophisticated attacks by North Korean agents are increasing despite an overall decrease in the total number of attacks.
Sophisticated Attacks: A Growing Concern
Chainalysis data reveals that attacks between $50 and $100 million, and those above $100 million occurred far more frequently in 2024 than they did in 2023. This suggests that the DPRK is getting better and faster at massive exploits.
The Time Between Successful DPRK Attacks
The increase in the frequency of attacks that yielded higher profits to the tune of $50-100 million suggests that the DPRK has improved its hacking methods, allowing it to conduct more lucrative exploits. In contrast, DPRK’s exploits in 2022 often resulted in profits of less than $50 million.
Implications for Crypto Security
The rise of North Korean hackers poses a significant threat to crypto security. As governments and law enforcement agencies struggle to keep pace with the evolving tactics of these hackers, it is essential that the crypto community takes steps to protect itself.
Cybersecurity Measures: A Must for the Crypto Community
To mitigate the risks associated with North Korean hackers, the crypto community must prioritize cybersecurity measures. This includes implementing robust security protocols, conducting regular audits, and staying informed about the latest threats.
Conclusion
The North Korean hacking threat is a growing concern that demands attention from governments, law enforcement agencies, and the crypto community. As we move forward into 2025, it is essential that we work together to address this issue and ensure the security of the crypto space.
Recommendations for Crypto Investors
If you are a crypto investor, it is crucial that you take steps to protect your assets from North Korean hackers. Here are some recommendations:
- Implement robust security protocols: Ensure that your wallets and exchanges have robust security protocols in place.
- Conduct regular audits: Regularly audit your accounts and transactions to detect any suspicious activity.
- Stay informed about the latest threats: Stay up-to-date with the latest threats and vulnerabilities to ensure you are prepared.
Sources
- South Korea’s Ministry of Foreign Affairs
- Chainalysis data
- Cyvers Magazine
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