North Korea-affiliated hackers may have scaled back their operations in the second half of 2024 while preparing for what became the largest crypto hack in history.
The crypto industry was rocked by the enormous hack on Feb. 21 when Bybit lost over $1.4 billion to the infamous North Korean Lazarus Group, which seems to have prepared the attack months in advance.
According to blockchain analytics firm Chainalysis, illicit activity tied to North Korean cyber actors sharply declined after July 1, 2024, despite a surge in attacks earlier that year.
The slowdown in crypto hacks by North Korean agents had raised significant red flags, according to Eric Jardine, Chainalysis cybercrimes research Lead.
North Korean hacking activity before and after July 1. Source: Chainalysis
North Korea’s slowdown “started when Russia and DPRK [North Korea] met for their summit that led to a reallocation of North Korean resources, including military personnel to the war in Ukraine,” Jardine told Coin
