North Korea Rejects Crypto-Theft Claims; Analytics Tie It to $577 Million in Hacks This Year

North Korea has dismissed accusations that it is behind cryptocurrency theft, describing the allegations as "absurd defamation" and a "political tool," according to The Block. In a statement carried by state media, Pyongyang said it would take necessary steps to protect national interests. Blockchain analytics firm TRM Labs, meanwhile, estimates that hacking groups linked to North Korea stole about $577 million over the same period, representing roughly 76% of global crypto-theft losses. TRM said the figure includes two major incidents: KelpDAO (about $292 million) and Drift Protocol (about $285 million), and attributed the activity primarily to the Lazarus Group and affiliated subgroups. TRM adds that since 2017, the cumulative value of crypto theft tied to North Korea has surpassed $6 billion. U.S. and international authorities broadly assess that such proceeds help fund the country's military and missile programs. In a related enforcement move, the U.S. Treasury recently sanctioned individuals and entities tied to about $800 million in illicit financial flows in 2024.