SHOCKING: UN Exposes North Korea’s $3 Billion Cybercrime Scheme

In a recent report, the United Nations has uncovered a troubling connection between North Korea and cyber-attacks, highlighting the significant role of cryptocurrency as a favored weapon in their arsenal.

According to the report, North Korea relies heavily on cybercrime, raking in over 50% of its foreign currency through illicit activities. Among these, hacking into the cryptocurrency industry stands out as a major moneymaker, netting the regime a staggering $3 billion.

Read on!

State-Sponsored Cyber Theft?

The UN report sheds light on the substantial investments in digital ventures orchestrated by state-sponsored cyber thieves. Shockingly, up to 40% of funds earmarked for North Korea’s weapons of mass destruction (WMD) program end up lining the pockets of individuals engaged in cyber fraud.

A detailed analysis by the UN Security Council scrutinized 58 cyberattack cases targeting the blockchain ecosystem, resulting in a combined loss of $3 billion between 2017 and 2023. Last year alone, the UN probed 17 cryptocurrency heists, collectively valued at over $750 million, potentially linked to North Korea.

Urgent Countermeasures

While lacking direct enforcement power, the report signals impending sanctions against North Korea. The UN urges proactive measures to counter the cyber threat, even though they lack legal binding. Security Council members are discussing strategies to crack down on entities violating DPRK laws.

Despite North Korea’s denial of these allegations, the international community remains vigilant, actively engaging in mitigating cyber warfare risks posed by the regime.

Also Read: Ripple vs. SEC: A New Chapter With Revised Schedule in XRP Lawsuit

A Persistent Challenge

This recent report echoes past accusations against state-sponsored hackers like the Lazarus group, underscoring the enduring challenge faced by global security agencies. With nearly half of North Korea’s foreign income sourced from cyberattacks, addressing this issue remains a top priority on the international agenda.

By shining a light on North Korea’s cyber activities and cryptocurrency heists, the UN report serves as a clarion call for concerted action to safeguard global cybersecurity and curb illicit financial flows.