According to a report by U.S.-based blockchain analytics firm Chainalysis, North Korean hackers have set a new all-time record for cryptocurrency theft this year, stealing at least 2.02billion(nearlyS2.6 billion) in digital assets—51% more than in 2023.

The report reveals that North Korean hacking groups accounted for a staggering 76% of all system intrusion-related crypto thefts this year—the highest share ever recorded. This underscores Pyongyang’s growing reliance on infiltrating IT personnel at digital asset exchanges, custodians, and Web3 companies—a tactic that accelerates initial access and lateral movement, paving the way for large-scale heists.

The total value of tracked cryptocurrency thefts this year reached 3.4billion,roughlyonparwiththe3.38 billion stolen in 2024 but far exceeding the 640millionreportedin2020.ThelargestsingleincidentwastheFebruarybreachofexchangeBybit,whichlost1.5 billion in cryptocurrency. Analysts attribute this attack to the Lazarus Group, a hacking collective linked to the North Korean government.

Speaking to Nikkei Asia, Kim Grauer, Director of Research at Chainalysis, noted that after stealing cryptocurrency, North Korean hackers frequently turn to Chinese operators to launder the illicit funds. “China’s money laundering networks are active and proactively offer services to clean these illegally obtained funds—including those stolen by North Korean hackers,” she said.

Dr. Sayan Ghosh, a researcher at the Center for International Cooperation and Strategy at Hankuk University of Foreign Studies, observed that while North Korean cyber operations previously targeted ideological adversaries such as Japan, South Korea, and the United States primarily to sow chaos, their current motivation is overwhelmingly financial gain.

She added that beyond exchanges, North Korean hackers are increasingly targeting individuals’ cryptocurrency wallets. Although these thefts yield smaller amounts, they offer advantages: individual victims rarely attempt to recover stolen funds, as “the assets themselves may originate from illicit sources or fall outside law enforcement priorities.”

According to a report by U.S.-based blockchain analytics firm Chainalysis, North Korean hackers have set a new all-time record for cryptocurrency theft this year, stealing at least 2.02billion(nearlyS2.6 billion) in digital assets—51% more than in 2023.

The report reveals that North Korean hacking groups accounted for a staggering 76% of all system intrusion-related crypto thefts this year—the highest share ever recorded. This underscores Pyongyang’s growing reliance on infiltrating IT personnel at digital asset exchanges, custodians, and Web3 companies—a tactic that accelerates initial access and lateral movement, paving the way for large-scale heists.

The total value of tracked cryptocurrency thefts this year reached 3.4billion,roughlyonparwiththe3.38 billion stolen in 2024 but far exceeding the 640millionreportedin2020.ThelargestsingleincidentwastheFebruarybreachofexchangeBybit,whichlost1.5 billion in cryptocurrency. Analysts attribute this attack to the Lazarus Group, a hacking collective linked to the North Korean government.

Speaking to Nikkei Asia, Kim Grauer, Director of Research at Chainalysis, noted that after stealing cryptocurrency, North Korean hackers frequently turn to Chinese operators to launder the illicit funds. “China’s money laundering networks are active and proactively offer services to clean these illegally obtained funds—including those stolen by North Korean hackers,” she said.

Dr. Sayan Ghosh, a researcher at the Center for International Cooperation and Strategy at Hankuk University of Foreign Studies, observed that while North Korean cyber operations previously targeted ideological adversaries such as Japan, South Korea, and the United States primarily to sow chaos, their current motivation is overwhelmingly financial gain.

She added that beyond exchanges, North Korean hackers are increasingly targeting individuals’ cryptocurrency wallets. Although these thefts yield smaller amounts, they offer advantages: individual victims rarely attempt to recover stolen funds, as “the assets themselves may originate from illicit sources or fall outside law enforcement priorities.”