UN Report Reveals North Korea’s Illicit Activities Netted $3 Billion in Cryptocurrency Heist with Over 50% Profit

The United Nations has recently released a report highlighting the strong connection between North Korea and cyber-attacks, with a specific focus on cryptocurrency as a targeted weapon.

According to the report cited by the South Korean Yonhap news agency, North Korea earns over 50% of its foreign currency through cybercrime activities, specifically through hacking the cryptocurrency industry. This amounts to approximately $3 billion in revenue.

The UN report sheds light on the significant role that state-sponsored cyber thieves play in funding digital investments. Around 40% of the funds used by North Korea for the development of weapons of mass destruction are obtained through cyber fraud.

The report also reveals that North Korean hackers were responsible for over $750 million worth of cryptocurrency theft. The UN Security Council analyzed 58 cases of cyberattacks on the blockchain ecosystem between 2017 and 2023, totaling $3 billion. This highlights the urgent need for effective response mechanisms.

While the report itself does not have the power to impose sanctions, it is expected that North Korea will face sanctions in connection with these cyberattacks. The report recommends necessary measures to counter North Korea’s cyber threat, although these steps are not legally binding. The Security Council members are discussing plans to further restrict entities that violate the law on behalf of North Korea.

Despite North Korea’s denial of these allegations, the international community must remain vigilant and actively work towards reducing the risks posed by the regime’s cyber warfare abilities.

This recent report echoes previous accusations against state-sponsored hackers, such as the Lazarus group, who have been known to engage in cyber violations. Addressing this challenge remains a top priority for international security agencies, especially considering that almost half of North Korea’s foreign income comes from cyberattacks.