UN Launches Inquiry into 3B Dollars Cyberattacks from North Korea Targeting Crypto Firms

Crypto News– The United Nations (UN) is investigating hacking groups affiliated with the Democratic People’s Republic of Korea (DPRK) for carrying out cyberattacks on cryptocurrency firms over a span of six years, resulting in profits of around $3 billion.

As per a recent report by Reuters, which references unpublished UN documents, an independent sanction committee is leading the probe into these DPRK-linked hacking groups.

UN Launches Inquiry into 3B Dollars Cyberattacks from North Korea Targeting Crypto Firms

These groups are said to have targeted 58 cryptocurrency-related companies to support their efforts in developing weapons of mass destruction (WMD) between 2017 and 2023.

“The panel is examining 58 suspected cyberattacks by DPRK on cryptocurrency-related entities from 2017 to 2023, totaling approximately $3 billion, reportedly contributing to funding the DPRK’s WMD programs.” The UN is expected to release an official report of its findings within the next two months.

DPRK-affiliated hacking groups have come under scrutiny due to reported cryptocurrency losses from hacks in recent years.

In 2023, Chainalysis estimated that these groups stole about $1 billion worth of cryptocurrency from 20 hacks. However, there was a notable decrease compared to 2022, during which losses from North Korea-linked cyber exploits reached $1.7 billion across 15 hacking incidents.

TRM Labs, a blockchain intelligence firm, anticipates that the damage caused by hacking groups will escalate this year, as their attack techniques are projected to surpass those of previous years.

“Despite significant advancements in exchange cybersecurity and increased global cooperation in tracing and recovering stolen assets, 2024 is expected to witness further disruptions from the world’s most prolific cyber thieves.”