An Independent UN Jury Investigates North Korean Cyberattacks on Crypto Firms
An independent United Nations jury of sanctions monitors is conducting a probe into North Korea’s involvement in $3 billion worth cyberattacks on crypto firms. The monitors accused the Democratic People’s Republic of Korea (DPRK) for flouting Security Council sanctions and are investigating several suspected cyberattacks worth $3 billion on crypto firms, which DPRK used to develop its nuclear weapons program.
North Korean Hackers Stole Millions in Crypto
According to a recent report by TRM Labs, North Korea-linked hackers stole $200 million worth of cryptocurrencies from January to August 2023. This accounted for over 20% of all stolen crypto last year and has funded the country’s nuclear and ballistic missile programs. The move is seen as North Korea’s shift from traditional revenue-generating activities. Intelligence analyst Nick Carlsen stressed that DPRK is looking for every dollar they can, and cryptocurrency theft is a more efficient way for them to make money.
UN Sanctions and Increase in Crypto Hacking
The UN has imposed multiple sanctions on DPRK since its first nuclear test in 2006, including a ban on financial services and minerals and metals. Blockchain analytics company Chainalysis revealed that 2022 was the biggest year ever for crypto hacking, with $3.8 billion stolen primarily by North Korea-linked attackers. Other research has also noted that cyber-espionage groups are using various tactics to acquire large amounts of crypto assets.
Release of UN Report
The UN report on the investigation into North Korean cyberattacks on crypto firms will be released later this month or early next month, according to diplomats. The report highlights that North Korea continues to access the international financial system and engage in illicit financial operations, which are against the UN Security Council resolutions.
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