UN probes North Korea’s $3 billion cyber attack on crypto firms: report
The United Nations (UN) is reportedly investigating cyber-attacks linked to the Democratic Republic of Korea (DPRK) that allegedly orchestrated cyber-attacks on cryptocurrency companies that netted them nearly $3 billion in profits.
According to a recent Reuters report, citing unpublished UN documents, an independent sanctions committee is overseeing investigations into hacking groups linked to the DPRK.
The teams Between 2017 and 2023, they have targeted 58 crypto-related organizations to aid in their development of weapons of mass destruction (WMD).
“Between 2017 and 2023, the DPRK is investigating 58 suspected cyberattacks worth an estimated $3 billion against cryptocurrency-related companies that allegedly funded the DPRK's WMD development.”
The UN is expected to issue a published report of its findings within the next two months.
DPRK hacking groups have recently faced scrutiny for crypto losses from hacking.
In the year By 2023, Chainalysis estimates that hacking groups will have stolen roughly $1 billion worth of crypto from 20 hacks in the year alone.
But compared to the previous year, it showed a significant decrease. In the year In 2022, North Korea-related exploit crypto losses reached $1.7 billion in 15 hacking incidents.
In the year We estimate that by 2023, the total amount of crypto stolen by hackers affiliated with North Korea will exceed $1 billion and the number of hacks will increase to 20. pic.twitter.com/HoeIPIuPA7
— Chainalysis (@chainalysis) January 24, 2024
The blockchain intelligence company TRM Labs predicts that hacking groups will suffer more significant damage this year, as their attack tactics are expected to increase more than in previous years.
Despite significant progress in cybersecurity exchanges and increased international cooperation in tracking and recovering stolen funds, 2024 could see the world's biggest cyber-thief disruptions.
Related: Crypto hack losses down 51% by 2023: Report
Meanwhile, Cointelegraph recently reported that the United Nations Office on Drugs and Crime has warned that crypto is being misused by the growing illicit economies of East and Southeast Asia.
He highlighted poorly regulated or illegal casinos and “pig-bull” love scams that have grown in the Mekong region.
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