UN probes $3B North Korean cyberattacks on crypto firms: Report
The United Nations (UN) is reportedly investigating hacking groups tied to the Democratic People’s Republic of Korea (DPRK) for orchestrating cyberattacks on cryptocurrency firms over six years, amassing profits of approximately $3 billion.
According to a recent Reuters report citing unpublished UN documents, an independent sanction committee is overseeing the investigation into the DPRK-linked hacking groups.
The groups allegedly targeted 58 crypto-related firms to aid their weapon of mass destruction (WMD) development work between 2017 and 2023.
The UN is reportedly expected to release a published report of its findings within the next two months.
DPRK hacking groups have faced scrutiny for the alleged crypto losses from hacks in recent times.
In 2023, Chainalysis estimated that the hacking groups stole approximately $1 billion worth of crypto from 20 hacks.
However, there was a significant decrease compared with 2022, when crypto losses from North Korea-linked exploits amounted to $1.7 billion across 15 hacking incidents.
Chainalysis@chainalysisJan 24, 2024In 2023, we estimate that the total amount of crypto stolen by North Korea-affiliated hackers is slightly over $1 billion, and the number of hacks rose to 20. pic.twitter.com/HoeIPIuPA7
Blockchain intelligence firm TRM Labs forecasts that this year will see even more significant damage from hacking groups, as their attack methods are expected to advance beyond those of previous years.
Related: Crypto hack losses declined 51% in 2023: Report
Meanwhile, Cointelegraph recently reported that the United Nations Office on Drugs and Crime has warned that crypto is being misused in illicit economies developing in East and Southeast Asia.
It highlighted poorly regulated or illicit casinos and “pig-butchering” romance scams that have seen major growth in the Mekong region.