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North Korean TraderTraitor Group Steals $308 Million from DMM Bitcoin, Prompting U.S.-South Korea Collaboration

Dec 23, 2024, 08:49 PM

North Korean hackers have stolen approximately $1.34 billion in cryptocurrency in 2024, marking a 103% increase from the previous year, according to Chainalysis. This year's thefts account for 60% of all crypto stolen globally, with North Korean hackers responsible for 47 attacks. In response, South Korea and the U.S. have initiated joint research to combat these cyber threats, focusing on tracking stolen funds, securing exchanges, and developing countermeasures through 2026. Additionally, a significant heist occurred in May 2024, when North Korean cyber actors, identified as the TraderTraitor group, stole $308 million in cryptocurrency, equivalent to 4,502.9 BTC, from the Japan-based company DMM Bitcoin. This theft represented 61% of the total funds stolen this year. The FBI and Japan's National Police Agency have confirmed that the attack involved social engineering tactics, including the use of LinkedIn to target employees and deploy malware. The stolen funds were traced to wallets controlled by TraderTraitor. Following the incident, DMM Bitcoin ceased operations, highlighting the ongoing threat of North Korean cyber activities.