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Targeting high net worth crypto holders has helped North Korean hackers steal more than $2bn (\u00a31.49bn) so far this year according to researchers.<\/b><\/p>\n
The thefts are a record for the regime-linked hackers who now account for around 13% of North Korea’s gross domestic product (GDP), according to United Nations’ estimates.<\/p>\n
For the last few years operatives from hacking teams like Lazarus Group have focussed on attacking cryptocurrency companies for large thefts of digital tokens.<\/p>\n
But investigators at research firm Elliptic warn<\/a> that crypto wealthy individuals have become increasingly attractive targets as they often lack the security measures employed by businesses.<\/p>\n Western security agencies say stolen funds are used to finance North Korea’s nuclear weapons and missile development programs.<\/p>\n Dr Tom Robinson, chief scientist at Elliptic, says the targeting of individuals – which is less likely to be disclosed – means the true figure for hacks carried out by North Korea could be even higher.<\/p>\n “Other thefts are likely unreported and remain unknown as attributing cyber thefts to North Korea is not an exact science.”<\/p>\n “We are aware of many other thefts that share some of the hallmarks of North Korea-linked activity but lack sufficient evidence to be definitively attributed,” he says.<\/p>\n North Korea’s UK embassy was approached for comment but did not immediately respond. Previously the regime has denied any involvement in hacks.<\/p>\n Elliptic and other companies like Chainalysis are able to track the movement of stolen funds like Bitcoin and Ethereum by following the public list of transactions on the blockchain.<\/p>\n Over the years researchers have noticed patterns in methods and tools favoured by North Korean hackers.<\/p>\n Elliptic estimates that 2025’s bumper year so far takes the cumulative known value of cryptoassets stolen by the regime to more than $6bn.<\/p>\n North Korea does not disclose GDP figures but the UN estimates that in 2024 the country made $15.17bn.<\/p>\n<\/div>\n The worst hack of the year attributed to North Korea came in February this year when hackers swiped $1.4bn from crypto exchange ByBit<\/a>.<\/p>\n As well as the ByBit hack in February, Elliptic analysts have attributed more than 30 other attacks to North Korea so far this year.<\/p>\n An attack on WOO X in July saw $14 million stolen from 9 users.<\/p>\n Another case led to $1.2m of digital coins stolen from Seedify.<\/p>\n Elliptic has privately worked with victims on other attacks that cost unnamed organisations and individuals tens, or even hundreds of millions.<\/p>\n The highest theft of cryptocurrency from an individual so far this year is $100m.<\/p>\n This year’s activity dwarfs the regime’s previous record set in 2022 when it is accused of stealing $1.35 billion in total.<\/p>\n As well as a prolific cyber crime team, the regime is increasingly being accused of operating an elaborate fake IT workers<\/a> programme to bring in additional money and skirt international sanctions.<\/p>\n<\/div>\n