North Korean hackers steal hundreds of millions of dollars in crypto assets

In 2024, hackers from North Korea carried out a series of cyberattacks, resulting in the theft of approximately $659 million in crypto assets. This is stated in a joint statement by the governments of South Korea, the US and Japan, Yonhap reports.

Main targets of the attacks

According to the statement, one of the largest operations was the theft of $235 million from the Indian cryptocurrency exchange WazirX. A further $50 million was stolen from the Radiant Capital platform. In addition, North Korean hackers damaged the DMM Bitcoin, Upbit and Rain Management crypto exchanges, stealing a combined total of $374.13 million from their accounts.

Perpetrators of the attacks

Responsibility for these cyberattacks was attributed to the notorious hacker group Lazarus Group, which, according to the three countries, operates under the patronage of Pyongyang. These hackers have already been placed on sanctions lists, and this statement marks the first instance in which South Korea, the US and Japan have jointly acted to publicly identify North Korea's links to crypto asset theft.

Methods and targets of the hackers

The document notes that Pyongyang uses carefully disguised tactics for its attacks. The malware deployed during the cyberattacks is a key element of the North Korean strategy, enabling large-scale campaigns to steal digital assets. These actions pose serious threats to the stability and integrity of the global financial system.

International community response

South Korea, the US and Japan emphasised that their primary objective is to put an end to such thefts and recover the stolen funds. The statement mentions joint efforts to prevent illegal hacker activities, including measures aimed at protecting the private sector.

Particular attention is paid to the fact that the stolen funds are used by North Korea to finance programmes for the development of weapons of mass destruction and ballistic missiles.

Consequences for the global financial system

The three countries expressed concern, stating that North Korea's cyber programme poses a significant threat to international economic stability. The joint actions are aimed at depriving Pyongyang of access to illicit revenues that undermine the security and resilience of the financial system.