For the second consecutive year, North Korea has set a new benchmark with its extensive cryptocurrency hacking endeavors, amassing an astonishing $2.02 billion in 2025, according to recent findings.
A report released on Thursday by Chainalysis, a firm specializing in blockchain analysis, revealed that this marks an increase from the previous record of $1.3 billion in stolen cryptocurrencies such as Bitcoin and Ethereum. This brings the total value of cryptocurrencies stolen by the nation to approximately $6.75 billion, as per the report. Overall, the global figure for stolen cryptocurrencies has reached $3.4 billion.
A substantial part of this amount stems from the recent breach of Bybit, a cryptocurrency exchange based in Dubai. The hacking group allegedly linked to North Korea’s elite cyber unit reportedly stole around $1.5 billion, predominantly in Ethereum, during a February attack, as noted by the CEO of Bybit.
Chainalysis is among a growing array of organizations analyzing the intricate web of cryptocurrency transactions, including tracking the laundering of funds stolen by cybercriminals.
The United Nations, along with private investigators, has consistently alleged that North Korea, which faces severe international sanctions and maintains ties with only a few nations, utilizes its hackers to pilfer cryptocurrency to support its nuclear weapon and missile initiatives.
“It’s incredibly challenging to curb, given their isolation and status as a rogue state,” stated Matt Pearl, director of the Strategic Technologies Program at the Center for Strategic and International Studies, a leading national security think tank.
Some of the thefts can likely be attributed to the increasing trend of North Korean hackers fraudulently acquiring remote technical positions at international firms, which enables them to grant their colleagues access to steal cryptocurrency keys and transfer funds back to Pyongyang.
Instances of professional hackers from other countries also securing large sums illegally do exist. The Secret Service has previously connected Chinese government hackers to schemes that siphoned off U.S. Covid relief benefits, while the U.S. and U.K. governments have accused some financially motivated Russian hackers of having connections to the Kremlin.
However, no other nation has a hacking initiative quite like that of North Korea, where state-sponsored hackers routinely steal enormous amounts from companies worldwide.
Leaked documents have previously revealed that North Korea operates some of the most complex international money laundering systems currently in existence.
Cryptocurrencies, as a rule, are also significantly easier to launder on a large scale compared to conventional currency. Exchanges typically hold substantial amounts of cryptocurrencies, making them prime targets for North Korea.
Cryptocurrencies are kept in wallets, or accounts that require private keys for access. Once hackers control an account, they can swiftly transfer funds to another wallet under their ownership. Unlike traditional financial systems, options for reversing fraudulent transactions are limited.
“Despite having institutional backing and professional security teams, these platforms remain susceptible due to this inherent security vulnerability,” the Chainalysis report highlighted.
Pearl remarked that with North Korea already facing harsh sanctions, few deterrents exist to prohibit it from continually hacking digital currencies to finance its military objectives.
“Clearly, the usual measures we’ve employed have not been effective,” Pearl concluded. “I anticipate seeing continued activity in this realm.”