Their operations are highly organized and state-sponsored, with stolen crypto being funneled to fund North Korea’s weapons of mass destruction and ballistic missile programs, enabling the regime to circumvent international sanctions.
The DMM Bitcoin Attack: A Case Study
In one of the most significant incidents of 2024, a North Korean cyberattack group stole over $300 million worth of cryptocurrency from Japan’s DMM Bitcoin exchange.
This attack marked the first major breach of Japan’s crypto market and sent shockwaves through the global digital finance sector.
The breach was first reported in May, and by early December, DMM Bitcoin announced its liquidation due to the substantial losses. Customer assets will be transferred to SBI VC Trade Co., a Japanese exchange, by March 2025.
This incident underscores the growing vulnerability of crypto platforms to state-sponsored cyberattacks.
Tactics of North Korean Hackers
North Korean hacker groups have demonstrated exceptional expertise in exploiting vulnerabilities in digital systems and targeting cryptocurrency exchanges.
