Blockchain intelligence firm Chainalysis has released its “2025 Virtual Asset Crime Report—Stolen Funds,” illuminating the alarming rise in crypto theft.
The report reveals a staggering increase in hacking activities linked to North Korea. Threat actors stole virtual assets worth $1.34 billion through 47 separate incidents in 2024, a more than twofold jump from the previous year. These funds accounted for a whopping 61% of global stolen funds.
Chainalysis experts note that North Korean cyber operations are becoming more frequent and increasingly sophisticated, with hackers demonstrating enhanced speed and skill in executing large-scale attacks.
The May 2024 breach of the Japanese exchange DMM Bitcoin is a prime example of this escalating threat. Hackers exploited the platform’s wallet infrastructure vulnerabilities, earning $350 million in Bitcoin. The stolen funds were subsequently laundered through Coinjoin mixing services and bridge platforms before being funneled to Huione Guarantee, a Cambodian entity with known ties to cybercrime. The devastating attack ultimately led to DMM Bitcoin’s closure this month.
Interestingly, the report indicates a significant drop in North Korean-linked crypto theft following the North Korea-Russia summit in late June, with stolen amounts decreasing by more than half compared to the year’s first half.
Baek Yong Ki, Director of Chainalysis Korea, emphasized the persistent national security threat posed by North Korea to South Korea. “The surge in large-scale hacking attacks outlined in our report indicates that North Korea is rapidly advancing its cyber capabilities,” Baek stated. He stressed the critical need for enhanced public-private partnerships, cutting-edge Web3 security measures, advanced blockchain tracking, and sophisticated investigative techniques to combat these illicit activities and safeguard the integrity of the global financial ecosystem.
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