So far in 2024, hackers believed to be connected to North Korea have stolen around $577 million in cryptocurrency, accounting for 76% of all crypto hacking losses. This surge is largely due to significant attacks on KelpDAO and Drift Protocol, according to TRM Labs.
Summary
- TRM Labs reports that North Korea-linked actors account for roughly 76% of global crypto hack losses in the first four months of 2026, or about $577 million.
- Pyongyang’s share of global crypto theft has surged from 22% in 2022 to 76% in 2026, with total illicit takings since 2017 now above $6 billion.
- Two April exploits on KelpDAO and Drift Protocol alone accounted for nearly all 2026 losses so far, underscoring protocol-level risk for DeFi and markets.
A recent study by TRM Labs shows that groups connected to North Korea caused approximately 76% of all cryptocurrency hacking losses worldwide between January and April 2026, resulting in an estimated $577 million stolen. According to The Block, the report highlights that North Korean hacking groups are now the biggest threat to online cryptocurrency, as they improve their methods for targeting exchanges, DeFi platforms, and systems that connect different blockchains.
Recent analysis shows North Korea has dramatically increased its involvement in cryptocurrency theft over the last five years. Their share of stolen crypto has risen from 22% in 2022 to 76% so far in 2026. This activity has earned them over $6 billion in illicit profits since 2017. Experts at TRM Labs believe this growth is due to North Korea’s improved technology, more effective money laundering methods, and a strong desire to avoid international sanctions by using digital currencies.
So far in 2026, losses are mainly due to two hacks that happened in April. KelpDAO lost around $292 million, and Drift Protocol was hit for $285 million. These two incidents make up almost all of the $577 million in total losses this year, and represent about 3% of all hacking incidents reported. This shows that a few major hacks are causing the vast majority of financial damage.
As an analyst, I’m seeing a worrying pattern in the crypto space: major thefts are consistently happening within DeFi and restaking protocols. This isn’t just about the direct financial loss – each incident, when we’re talking about $200 million or more, creates a ripple effect. We see token prices drop for the projects involved, but more broadly, it impacts the entire crypto ecosystem. Market makers, lenders, and liquidity providers all pull back, reducing available liquidity as they try to minimize their risk.
This situation is also influencing how regulators and institutions react. Because a growing portion of stolen funds is linked to North Korea, governments worldwide will likely increase scrutiny on cryptocurrency exchanges, over-the-counter trading platforms, and mixing services to prevent money laundering, which will increase costs for everyone in the industry. For Bitcoin, Ethereum, and other major cryptocurrency traders, frequent news of large-scale hacks connected to North Korea means they see increased risk, demand higher returns to compensate for that risk, and sometimes experience broader market downturns when these hacks lead to forced selling.
TRM Labs’ research shows that the crypto market is still growing with new technologies and investments. However, the crypto holdings of sanctioned countries are now a major factor influencing the market – not just a minor detail. This will likely have a growing impact on regulations and how risk is assessed in the digital asset space.
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2026-04-30 20:34