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An independent United Nations panel of sanctions monitors is examining North Korea’s role in cyberattacks on cryptocurrency firms amounting to $3 billion.
As per an unreleased UN report reviewed by Reuters, the monitors have accused the Democratic People’s Republic of Korea (DPRK) of violating Security Council sanctions.
They are looking into multiple suspected cyberattacks valued at $3 billion on crypto companies, which the DPRK allegedly utilized to advance its nuclear weapons program.
“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related firms from 2017 to 2023, estimated at around $3 billion, which reportedly assist in financing DPRK’s weapons of mass destruction development.”
North Korean Hackers Stole Millions in Crypto
According to a recent report by TRM Labs, hackers associated with North Korea stole $200 million in cryptocurrencies from January to August 2023. This represented over 20% of all cryptocurrency thefts last year, as noted by the blockchain intelligence firm.
Moreover, this has contributed to funding the nation’s nuclear and ballistic missile initiatives. The TRM report interprets this shift as North Korea moving away from “traditional revenue-generating activities.”
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Nick Carlsen, an intelligence analyst at TRM Labs, emphasized that the DPRK is seeking every possible dollar. “And this is clearly a much more effective method for North Korea to generate income.”
The UN has imposed numerous sanctions on the DPRK since the nation’s inaugural nuclear test in 2006. These sanctions include restrictions on financial services, minerals, and metals, thereby limiting North Korea’s access to funding sources.
Additionally, data from blockchain analytics firm Chainalysis indicated that 2022 marked the highest year for cryptocurrency hacking.
A staggering $3.8 billion was taken from crypto enterprises, primarily by attackers linked to North Korea, according to Chainalysis. Another study earlier this year highlighted that cyber-espionage groups are employing various strategies to obtain substantial amounts of cryptocurrency assets.
Reuters reported that the UN document is expected to be published later this month or by early next month, as per diplomats. The report indicated that the panel investigated several North Korean nationals working abroad.
“They also stated that North Korea continues to access the international financial system and engage in illicit financial activities,” which contravene UN Security Council resolutions, it added.
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