North Korean hackers significantly reduced their cyber activity in late 2024, likely to prepare for the largest cryptocurrency hack to date, the Bybit incident. According to Chainalysis, North Korean cyber operations saw a dramatic decrease in activities after July 2024, even as their overall illicit activities surged earlier in the year. This pause may have been linked to geopolitical events and resource reallocation, allowing them to regroup and strategize for targeting exchanges like Bybit. On February 21, 2025, the Bybit hack occurred, leading to $1.4 billion worth of stolen assets, which experts believe was possible through compromised Ethereum multisig wallets. In 2024, North Korean hackers carried out 47 significant incidents, stealing over $1.34 billion—an increase from $660 million in 2023. This underscored vulnerabilities in centralized exchanges, prompting discussions about enhanced security measures in the cryptocurrency space.

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