United Nations (UN) sanctions monitors are reportedly investigating specific cases of hacking attacks allegedly carried out by North Korea-affiliated hackers between 2017 and 2023. Besides attacking decentralized finance platforms, the UN monitors alleged that North Korea-affiliated hackers are targeting defense companies and supply chains.
UN Sanctions Inspectors Probe Alleged North Korean Cyberattacks Targeting Crypto Firms
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Hackers Rake in $3 Billion in Six Years
The United Nations (UN) sanctions monitors are reportedly investigating cyberattacks targeting crypto-related companies that North Korea-affiliated hackers orchestrated in the past few years. The cyber attacks, which have reportedly raked in $3 billion between 2017 and 2023, are now believed to be North Korea’s favored source of funding for its nuclear weapons program.
The UN monitors’ desire to link the spate of attacks against mainly decentralized finance ( defi) platforms to North Korea comes amidst growing concerns about the effectiveness of the world body’s sanctions. A Jan. 12, 2023, Council on Foreign Relations blog post suggested that North Korea’s haul of $1 billion in 2022 helped the reclusive state blunt the impact of UN sanctions.
As has been reported by Bitcoin.com News over the past year, North Korea-affiliated hackers have escalated their attacks on defi platforms by employing increasingly sophisticated hacking and phishing techniques. The surge in the number of attacks linked to North Korea, coupled with the rising value of the stolen digital assets, has spurred regulators and governments to explore methods of restraining Pyongyang’s newfound capability.
North Korea Still Has Access to the Global Financial System
A Reuters report indicates that United Nations sanctions monitors are now scrutinizing specific instances of cryptocurrency theft that North Korea has leveraged to fund its weapons program.
“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development,” the UN monitors said.
Besides attacking defi platforms, the UN monitors alleged that North Korea-affiliated hackers are targeting defense companies and supply chains. However, the monitors also acknowledged in their report that North Korea still has access to the global financial system and is engaged in illicit financial operations.
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