- The Democratic People’s Republic of Korea (DPRK) has allegedly stolen at least $2.8 billion in cryptocurrency hacks since early 2024.
- These cyber heists represent about one-third of North Korea’s total foreign currency revenue this year.
- The largest hack took place in February 2025, targeting crypto exchange Bybit, with $1.46 billion stolen.
- Several other major crypto exchange and decentralized finance (DeFi) platforms were also affected, including DMM Bitcoin and PlayDapp.
- Some security experts have questioned the report’s attributions, suggesting it may overstate North Korea’s involvement in certain hacks.
A report by the Multilateral Sanctions Monitoring Team (MSMT), a coalition of United Nations member states, claims that the Democratic People’s Republic of Korea (DPRK) has stolen at least $2.8 billion from cryptocurrency hacks since the start of 2024. The report highlights the scale of these cyber thefts as a significant source of foreign currency revenue for North Korea.
According to the report, these crypto-related hacks account for roughly one-third of the DPRK’s overall foreign currency income in 2024. The group’s analysis was supported by the blockchain analytics firm Chainalysis and Cybersecurity company Mandiant. The $2.8 billion figure includes only those thefts MSMT could link to North Korea with a high degree of certainty, based on their evidence.
The largest individual attack identified was the February 2025 breach of the Bybit crypto exchange, which resulted in a loss of about $1.46 billion. Other significant hacks targeted exchanges such as DMM Bitcoin (approximately $308 million stolen) and WazirX (around $235 million lost). The report also details major attacks on decentralized finance (DeFi) platforms, including PlayDapp ($290 million stolen), Radiant Capital ($50 million stolen), and UwU Lend ($19.3 million lost).
However, some experts have expressed skepticism about the report’s conclusions. Security researcher Taylor Monahan challenged several attributions on social media platform X. She argued that the report wrongly linked certain hacks—such as those involving SwissBord, Zoth, PrismaFi, and UwU Lend—to North Korea. Monahan also noted the report’s incorrect attribution of a 2024 BTCTurk hack to the DPRK, clarifying that it was a 2025 hack on BTCTurk connected to North Korea, while the 2024 incident was tied to Russia.
These disputed classifications raise questions about whether the report may overstate the full extent of North Korea’s crypto thefts in 2024. For further details, the full MSMT report can be found here.
Other related coverage includes an FBI confirmation of a North Korean Hacker known as “TraderTraitor” behind the $1.5 billion Bybit breach.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- Benchmark Raises Canaan Price Target to $4 Amid Rising Demand
- US Mortgage Rate Falls to 6.19%, Hitting Lowest Point in More Than a Year
- Trump Pardons Binance CEO CZ, Clearing Legal Charges
- Ethereum Triple Bottom Signals 10% Rebound, Mega Whales Accumulate
- Shiba Inu and XRP Decline in October: What Comes After?
