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
This article was published more than a year ago. Some information may no longer be current.
WRITTEN BY
SHARE
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.
About the author
WRITTEN BYSergio Goschenko
Sergio is a cryptocurrency journalist based in Venezuela with 2,000+ articles published, cited in dozens of papers and reports.
