UN Exposes North Korea’s $3 Billion Crypto Hack Scheme

Sahana Kiran
North Korea
Source – CNN

A recent release from the United Nations Security Council has illuminated North Korea’s extensive engagement in cyber assaults, with a particular focus on targeting digital currency assets. As reported by South Korea’s Yonhap news agency, the UN disclosed that roughly half of North Korea’s income in foreign currency can be traced back to cybercrime. This includes breaches in cryptocurrency enterprises.

Global Concerns Ignited by UN Findings

The revelations from the UN have sparked international apprehension, highlighting the susceptibility of digital investments to state-backed cyber dangers. With an estimated $3 billion siphoned through crypto breaches, North Korea has substantially financed its operations through illegitimate channels.

The repercussions of North Korea’s cyber warfare strategies extend beyond mere financial gains. It’s reported that these diverted funds have been channeled to finance approximately 40% of the expenses associated with developing weapons of mass destruction. This disclosure underscores the urgent requirement for heightened cybersecurity measures. Furthermore, it is to safeguard digital assets and curb the proliferation of hazardous weaponry facilitated by cybercriminal endeavors.

Furthermore, the UN’s report has triggered calls for decisive measures to counter North Korea’s cyber threats. Although the report lacks legal binding, it serves as a wake-up call for Security Council members. This contemplates imposing supplementary sanctions on entities implicated in North Korea’s unlawful activities.

Moreover, the report underscores the interconnection of global security challenges. This is evidenced by Israel’s determination regarding North Korean-made weapons in possession of Hamas. This revelation exacerbates concerns regarding the illegal arms trade facilitated by cybercriminal activities. Additionally, it also underscores the necessity for international collaboration in addressing such threats.

Also Read: North Korea’s Massive Crypto Heist Amounts to $700 Million

Remain Vigilant Amid Denials

Despite North Korea’s denial of these allegations, the international community remains vigilant in monitoring and addressing the escalating threat posed by the regime’s cyber warfare capabilities. Collaborative endeavors are imperative to mitigate risks and safeguard global security interests amidst evolving cyber threats.

The UN Security Council’s report, which scrutinized 58 suspected cyberattacks on cryptocurrency-related entities from 2017 to 2023, emphasizes the urgent need for action. The report itself lacks standalone authority. It is anticipated that the global security body may implement additional sanctions on North Korea in response to these distressing revelations.

The latest UN report aligns with prior assessments from the United States. It further corroborates the extent of North Korea’s involvement in cybercrimes. With nearly half of the country’s foreign currency income attributed to cyberattacks, addressing this issue remains a paramount priority for international security efforts.

Also Read: CoinEx’s $54 Million Hack Linked to North Korea’s Lazarus Group