North Korea’s Cyber Activities and Crypto Theft Fuel Half of Foreign Currency Revenue: UN
In recent news, the UN stated that North Korea has been actively involved in “malicious” cyber activities and crypto theft, contributing to nearly half of its foreign currency revenue and funding its weapons programs.
According to a recent report by a United Nations (UN) panel of experts, Pyongyang has been using cyber means to generate approximately 50 percent of its foreign currency income, with one member state divulging this information.
Additionally, the panel’s findings indicate that 40 percent of North Korea’s weapons of mass destruction (WMD) programs are financed through illicit cyber activities, Yonhap reported.
The UN panel’s investigation focuses on cyberattacks linked to cryptocurrency-related companies, dating back to 2017.
It has identified 58 suspected attacks by North Korea during this period, with an estimated value of around $3 billion.
The report underscores the ongoing targeting of the virtual asset industry by North Korean cyber threat actors, who seek to generate revenue and bypass UN sanctions.
Highlighting the severity of the situation, the panel identifies 17 cryptocurrency heists in 2023 alone that may be attributed to North Korea, amounting to over $750 million in stolen funds.
The report further emphasizes the panel’s scrutiny of a total of 58 suspected cyberattacks on crypto-linked firms between 2017 and 2023, revealing the significant impact of North Korea’s cyber theft operations.
These activities have led one cybersecurity company to label North Korea as the world’s most prolific cyber thief.
While engaging in these illicit cyber activities, North Korea has flagrantly disregarded UN Security Council resolutions and intensified its nuclear and missile programs .
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