UN Reports North Korea’s Cyber Operations and Cryptocurrency Theft Account for 50% of Foreign Currency Earnings

In recent developments, the UN has reported that North Korea is significantly engaged in “malicious” cyber operations and cryptocurrency theft, which accounts for nearly half of its foreign currency earnings and supports its weapons initiatives.

A recent report from a United Nations (UN) expert panel reveals that Pyongyang has been utilizing cyber methods to generate around 50 percent of its foreign currency revenue, as disclosed by one member state.

Furthermore, the panel’s findings suggest that 40 percent of North Korea’s weapons of mass destruction (WMD) programs are funded through illegal cyber activities, as reported by Yonhap.

UN Examines Cyberattacks and Crypto Theft Since 2017

The UN panel’s inquiry centers on cyberattacks associated with cryptocurrency-related entities, tracing back to 2017.

It has identified 58 suspected attacks attributed to North Korea during this timeframe, with an estimated value of approximately $3 billion.

The report highlights the ongoing targeting of the virtual asset sector by North Korean cyber threat actors, who aim to generate income and circumvent UN sanctions.

Emphasizing the gravity of the situation, the panel notes 17 cryptocurrency thefts in 2023 alone that may be linked to North Korea, totaling over $750 million in stolen assets.

The report further underscores the panel’s examination of a total of 58 suspected cyberattacks on crypto-related firms from 2017 to 2023, illustrating the considerable impact of North Korea’s cyber theft activities.

These operations have led one cybersecurity firm to classify North Korea as the world’s most active cyber thief.

While conducting these unlawful cyber operations, North Korea has openly flouted UN Security Council resolutions and escalated its nuclear and missile programs.

The panel’s report highlights the nation’s ongoing development of nuclear weapons and the production of nuclear fissile materials, despite its last known nuclear test occurring in 2017.

Importantly, the report references observations made by the Director General of the International Atomic Energy Agency (IAEA), Rafael Grossi, concerning the potential production of additional fissile materials for nuclear weapons.

Grossi’s comments suggest troubling activities related to the commissioning of a “light water reactor” that could further North Korea’s nuclear objectives.

North Korea Enhances Ballistic Missile Capabilities

In addition to its nuclear ambitions, the panel noted North Korea’s ongoing breaches of UN resolutions through advancements in ballistic missile capabilities.

The nation has executed missile launches, tested satellite launch systems, and reportedly commissioned a ballistic missile submarine.

The panel’s evaluation indicates that North Korea has made strides in various aspects of its missile program, including reliability, maneuverability, precision, air bursts, and mobile launcher production.

In 2022, Chainalysis, a blockchain analytics firm, reported a record $3.8 billion stolen by cybercriminals in the cryptocurrency sector.

Notably, North Korean state-sponsored hackers, referred to as the Lazarus Group, were responsible for $1.7 billion of that total.

The group’s extensive activities were aimed at financing the country’s nuclear weapons program in violation of international sanctions.

In 2021, hackers successfully acquired $3.3 billion in digital assets, according to data from Chainalysis.

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