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26/12/24
58
Global Governments Unite Against North Korean Cyber Heists Amid Rising Cryptocurrency Theft
Governments across the globe are intensifying efforts to combat North Korean hackers, who have been linked to a significant portion of cryptocurrency thefts in 2024. Notable hacking groups such as Lazarus have been implicated in several high-profile cyber heists, including the staggering $600 million breach of the Ronin network.
The latest governmental action comes from South Korea, which has placed sanctions on 15 individuals associated with the North Korean IT sector, along with one affiliated organization. These individuals have reportedly engaged in activities aimed at generating foreign currency for North Korea’s nuclear missile initiatives, as confirmed by a statement from the South Korean Ministry of Foreign Affairs. Among those sanctioned is Kim Cheol-min from the 313 General Bureau, accused of earning substantial foreign currency by operating covertly with American and Canadian firms before funneling the proceeds to support Pyongyang’s weapons program.
Another sanctioned individual, Kim Ryu Song, faces serious charges in the United States for breaching sanctions, money laundering, and identity theft, having allegedly amassed over $88 million in revenue over six years. This sanctioning action follows a year where crypto hackers were remarkably successful, appropriating over $2.3 billion worth of digital currencies — a more than 40% increase compared to the previous year.
In terms of actual figures, North Korean hackers have reportedly stolen approximately $1.34 billion worth of digital assets across 47 incidents in 2024 alone. This amount constitutes over 61% of the entire value of cryptocurrencies stolen this year, tapping into a worrisome trend where the complexity and size of crypto hacks are escalating. Notably, incidents involving thefts exceeding $50 million have surged, indicating a disturbing advancement in the hackers’ tactics and capabilities.
As cybersecurity experts observe this increasing trend, it is evident that North Korean cyber operations are evolving, posing a persistent threat to the cryptocurrency landscape. Enhanced vigilance and measures are crucial to safeguard against such sophisticated attacks in the future.
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