North Korea stole $659 million in crypto last year, say US, South Korea, Japan

The United States, South Korea, and Japan have jointly raised alarm over the ongoing cybercrime activities carried out by North Korean hackers, warning that the country’s threat actor groups are targeting the cryptocurrency industry.  

According to a new advisory, these groups, including the infamous Lazarus hacking group, have stolen a staggering $659 million worth of cryptocurrency in 2024 alone.

Targeting cryptocurrency industry

The North Korean hackers are reportedly using sophisticated tactics to breach cryptocurrency exchanges, digital asset custodians, and even individual users. The three countries revealed that the hackers employ “well-disguised social engineering attacks” to infiltrate their targets’ systems.  

They also highlighted how the attackers sometimes pose as freelance IT workers to gain access to private sector systems. The Lazarus group, active since 2009, has been at the forefront of these attacks, which have been carried out across the globe.

Malware and tactics used in theft

Once inside their targets’ networks, the attackers deploy various forms of malware, including keyloggers and remote access tools, which enable them to steal login credentials and control digital wallets.  

The stolen funds are then funnelled to North Korean accounts, where they are reportedly used to finance the country’s missile and weapons programs. This revelation comes after a 2022 report from the United Nations, which revealed that North Korea has been using illicit funds to further its missile and weapons development.

More from Tech

How ChatGPT is becoming everyone’s BFF and why that’s dangerous America ready for self-driving cars, but it has a legal problem

International cooperation to prevent future attacks

The joint advisory from the US, South Korea, and Japan underlines the seriousness of the situation and their commitment to preventing further thefts from the private sector.  

The governments are working together to recover stolen funds and cut off North Korea’s access to illicit revenue that funds its controversial weapons of mass destruction and ballistic missile programs. Their shared goal is to deny North Korea any financial support for its unlawful activities, thereby hindering its ability to develop weapons and maintain a global security threat.