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The United Nations (UN) Security Council’s recent report reveals that approximately 50% of North Korea’s foreign currency income is obtained through cyber attacks, including targeting cryptocurrency firms. The findings indicate that North Korea caused $3 billion in damages through hacking attacks between 2017 and 2023.
Additional Sanctions May Be Imposed
According to South Korea’s Yonhap news agency, the UN report documents 58 suspected hacking attacks on crypto-related companies between 2017 and 2023, resulting in damages equivalent to $3 billion. It is emphasized that the siphoned funds were used by North Korea to finance approximately 40% of the costs associated with the development of weapons of mass destruction.
According to Japan’s Nikkei newspaper, although the UN report itself does not have direct authority, it could prompt the global security body to consider imposing additional sanctions on North Korea. This coincides with estimates made last year by a senior official from the Biden administration, who stated that about half of North Korea’s foreign currency income comes from cyber attacks.
Cryptocurrency Mixers Utilized
The UN’s findings highlight the significant role played by infamous North Korea-backed hacker groups such as Lazarus and Kimsuky in some of the biggest crypto world hacking attacks.
These hacker groups are known to be connected to hack attacks on platforms like Harmony, Stake.com, and Coincheck. The findings show that cryptocurrency mixers are often used to obscure the trail of illicitly obtained funds.
The report sheds light on the ongoing challenge created by North Korea’s aggressive hacking operations, which not only target cryptocurrency companies but also contribute to the proliferation of weapons of mass destruction. The findings underscore the need for increased vigilance and coordinated international efforts to counter rogue states’ illegal activities in the digital space.
