A report issued by a United Nations panel of experts has concluded that cyber crypto heists have provided 50% of the foreign currency income for North Korea since 2017. The report indicated that North Korean actors have been linked to 17 theft and hack events involving over $750 million in 2023 alone, and details several techniques used to complete these attacks.
UN Report: Crypto Crime Provided North Korea up to Half of Its Foreign Currency Income
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U.N.: Crypto Crime a Main Part of North Korea’s Foreign Income
The UN has delved into the size and significance of crypto crime in North Korea. In a report issued as part of an investigation on the effectiveness of sanctions against North Korea, a panel of experts found that crypto crime has been significant, accounting for 50% of the foreign currency income for the country.
According to the experts, North Korea has been involved in 58 cryptocurrency heists since 2017, which have provided over $3 billion to fund different national programs, including the development of weapons of mass destruction (WMDs). Also, the panel is investigating North Korea’s involvement in 17 crypto crime events where over $750 million were stolen in 2023 alone.
The finalized report explains the techniques used by North Korean hackers to gain custody of these funds, including social engineering infiltration, third-party attacks, using cryptocurrency mixers, attacking crypto bridges, and laundering money through different brokers.
Other security-related groups have previously examined the involvement of North Korea in different cryptocurrency heists. TRM Labs, a cyber security firm, has numbers that put North Korea’s 2023 crypto crime earnings at at least $600 million. The firm also stated that these funds were cashed using Tron-based UDST and large- volume brokers.
The report also makes security recommendations to avoid being victims of groups operating under the banner of North Korea, like using two-factor authentication processes and cold offline wallet storage, and calls for network monitoring to detect these attacks.
Finally, the panel recommends enacting sanctions against five groups: Lazarus, Andariel, Bluenoroff, Scarcruft, and Kimsuky, suspected to be involved in high-profile attacks on several platforms.
What do you think about the U.N. panel report on cryptocurrency theft and its significance for North Korea? Tell us in the comments section below.
