UN Report Reveals North Korea Accumulated $3 Billion from Cyberattacks on Cryptocurrency Firms

UN Report Reveals North Korea Accumulated $3 Billion from Cyberattacks on Cryptocurrency Firms

Crypto News – A recent revelation by the United Nations (UN) has sent shockwaves through global security circles, exposing North Korea‘s accumulation of an estimated $3 billion through cyberattacks on cryptocurrency firms. This substantial sum is suspected to be funneling into the regime’s weapons programs, intensifying concerns worldwide.

Highlighting the alarming scale of the issue, a panel of UN experts disclosed that these illicit cyber activities contribute nearly half of North Korea’s foreign currency revenue. Over the span of six years, from 2017 to 2023, Pyongyang orchestrated a total of 58 cyberattacks targeting cryptocurrency entities, significantly bolstering its pursuit of weapons of mass destruction (WMD).

Drawing insights from a variety of sources including open-source data and international intelligence, the UN Security Council’s sanctions committee laid bare these findings. It became evident that North Korean cyber hackers, driven by the goal of evading UN sanctions and augmenting their financial reservoirs, relentlessly targeted the cryptocurrency ecosystem.

“The malicious cyberactivities of the Democratic People’s Republic of Korea (DPRK) generate approximately 50 percent of its foreign currency income and are used to fund its weapons programs,” underscored the UN panel.

At the forefront of these cyber operations stands the infamous Lazarus Group, a notorious entity with direct links to North Korea. Their audacious heists, such as the staggering $615 million theft from Ronin Bridge, serve as grim reminders of their capacity to bankroll extensive military endeavors. One South Korean National Intelligence Service official expressed grave concern, noting that the $700 million stolen in 2022 alone could potentially finance the nation’s intercontinental ballistic missile initiatives.

Compounding the gravity of the situation, the UN report shed light on North Korea‘s persistent nuclear ambitions. It documented advancements at key sites such as Yongbyon and Punggye-ri, with the International Atomic Energy Agency flagging increased activity at light water reactors, suggesting heightened production of fissile material for nuclear armaments.

In brazen defiance of UN sanctions, North Korea continues to expand its nuclear and missile programs, with noticeable improvements in missile technology including enhanced reliability and precision. These developments serve to escalate global tensions, underscoring the urgent need for concerted international action to address the growing threat posed by North Korea‘s illicit activities.