On Tuesday, the company published a blog post stating that the estimates are based on more than 30 hacks this year. This figure surpasses the previous record set in 2022, when thefts totaled $1.35 billion. According to the company’s estimates, the total stolen by Pyongyang since 2017 is at least $6 billion, with the actual number likely higher.

Elliptic said in its blog: “The actual figure may be higher. Attributing cyber thefts to North Korea is not an exact science,” adding, “We are aware of other thefts with North Korean characteristics but lacking sufficient evidence for certain attribution. There are likely unreported or unknown incidents as well.”

The company noted that cryptocurrency exchanges remain the primary target of North Korean hackers, but there has been an expansion in targeting “high-net-worth individuals” holding digital assets. It also pointed out a notable change in attack methods in 2025, with “most hacks this year carried out via social engineering attacks, which rely on deceiving or manipulating individuals to access cryptocurrencies,” rather than exploiting technical vulnerabilities in exchange infrastructure. The company added that this shift “reflects that the weakest point in crypto security is now more human than technical.”

Elliptic’s estimates align with those of other international entities. In 2024, the governments of Japan, South Korea, and the United States estimated that North Korean hackers stole about $659 million, a figure close to the company’s estimates. The UN Security Council also estimated that North Korean hackers stole $3 billion between 2017 and 2023.

The United Nations believes the North Korean regime led by Kim Jong Un uses these funds to finance its nuclear program.

The theft of over $1.4 billion from the Bybit exchange this year contributed to raising the total thefts to a record level, according to the FBI and several companies attributing the attacks to North Korea.

Notable past operations attributed to Pyongyang hackers include the 2022 hack of the game “Axie Infinity” with a theft of $625 million, an attack on the company “Harmony” with $100 million stolen the same year, and the theft of $235 million from the “WazirX” exchange in 2024.