Report: UN Investigating North Korean Cyberattacks on Crypto Firms Valued at 3 Billion Dollars

Crypto News- The United Nations (UN) is currently investigating hacking groups associated with the Democratic People’s Republic of Korea (DPRK) for their alleged involvement in cyberattacks targeting cryptocurrency firms over a span of six years, resulting in profits of approximately $3 billion.

Recent reports from Reuters, citing confidential UN documents, indicate that an independent sanction committee is leading the probe into these DPRK-linked hacking syndicates.

Report: UN Investigating North Korean Cyberattacks on Crypto Firms Valued at 3 Billion Dollars

These groups are believed to have targeted 58 companies in the cryptocurrency sector to support their weapon of mass destruction (WMD) development efforts between 2017 and 2023.

“The panel is actively looking into 58 suspected cyberattacks perpetrated by DPRK-affiliated entities against cryptocurrency firms from 2017 to 2023, with an estimated value of around $3 billion, purportedly financing the DPRK’s WMD programs.”

The UN is expected to release an official report on its findings within the next two months.

DPRK-linked hacking outfits have come under increasing scrutiny due to reported cryptocurrency losses from their activities.

In 2023, Chainalysis estimated that these groups pilfered roughly $1 billion in cryptocurrency from 20 separate hacks. This marked a decline from 2022, when losses attributed to North Korean-linked hacks totaled $1.7 billion across 15 incidents.

TRM Labs, a blockchain intelligence company, predicts that this year will witness a further escalation in damages caused by these hacking groups, as they continue to refine their attack techniques.

“Despite advancements in cybersecurity measures among exchanges and enhanced international cooperation in tracking and reclaiming stolen assets, 2024 is poised to witness continued disruption from the world’s most prolific cybercriminals.”

Meanwhile, recent reports from Cointelegraph highlight warnings issued by the United Nations Office on Drugs and Crime regarding the misuse of cryptocurrency in illicit economies emerging in East and Southeast Asia.

These reports shed light on the proliferation of unregulated or illegal gambling operations and romance scams prevalent in the Mekong region.