UN Report Exposes North Korea’s $3 Billion Crypto Heist; Over 50% Gains From Illicit Activities

The post UN Report Exposes North Korea’s $3 Billion Crypto Heist; Over 50% Gains From Illicit Activities appeared first on Coinpedia Fintech News

In its recent report , the United Nations has delineated this strong link between North Korea and cyber-attacks by primarily indicating cryptocurrency as a targeted weapon. 

South Korean Yonhap news agency has reported, citing the report by the United Nations, that North Korea is known to earn more than 50% of its foreign currency from cybercrime activities, with the hacking of the cryptocurrency industry being one of the main sources of revenue adding up to about $3 billion altogether.

The UN has casted light on the digital investments which cyber thieves sponsored by state actors command. Up to 40% of funds spent on the development of WMD (weapons of mass destruction) by North Korea go to the individual earnings in cyber fraud dealing.

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The UN Security Council’s report, which analyzed 58 cases of cyberattacks occurring between 2017 and 2023 to the blockchain ecosystem totalling 3 billion dollars, exacerbates the need for proper response mechanisms. The U.N. was looking into 17 cryptocurrency heists last year, for which the DPRK may be responsible, valued at more than $750 million. 

Although the report, as a rule, does not have individual power itself, sanctions are expected to be imposed on North Korea in connection with these sanctions.

The report recommends necessary measures which would be executed to counter North Korea’s cyber threat, although the steps are not legally binding. Members of the Security Council discuss plans to restrict more entities that violate the law on behalf of the DPRK (Democratic People’s Republic of North Korea).

North Korea’s denial of the allegations does not free the international community from the stare as well as engagement in the reduction of the risks destined for the cyber warfare abilities of the regime.

The recent report bears a resemblance to older accusations made against state-sponsored hackers like the Lazarus group as one of the prominent cyber-violators. This challenge still continues to be a big agenda for international security agencies, with the premise that nearly half the foreign income for country of North Korea comes from cyberattacks.

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