UN Investigates North Korea Hacking Worth $3 Billion

There is an going investigation against groups associated with North Korea for plotting cyberattacks against cryptocurrency companies.

An investigation is ongoing against hacking groups associated with the Democratic People’s Republic of Korea (DPRK) for directing cyberattacks against cryptocurrency companies over six years resulting in nearly 3 billion dollars in earnings.

An independent sanction committee is overseeing a probe of hacking organizations with ties to the North Korea according to a recent report by Reuters.

Between 2017 and 2023 the groups targeted 58 companies associated with cryptocurrencies to assist them in manufacturing weapons of mass destruction (WMD). Reports indicate that they will issue a report detailing its conclusions within the next two months.

“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development.”

In recent years, DPRK hacker groups have come under attention due to the claimed losses of cryptocurrency caused by cyberattacks. Chainalysis calculated that the hacking organizations had stolen around one billion dollars worth of cryptocurrency from 20 different hacks in 2023.

Nevertheless, there was a substantial reduction compared to 2022, when the total amount of cryptocurrency losses resulting from exploits related to North Korea amounted to $1.7 billion over 15 hacking instances.

TRM Labs a blockchain intelligence company predicts that hacking groups will cause even more substantial harm this year as they develop more advanced assault tactics compared to previous years.

“Despite notable advancements in cybersecurity among exchanges and increased international collaboration in tracking and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyber-thief.”

The Office on Drugs and Crime recently warned that cryptocurrency is being misused in emerging illegal economies in East and Southeast Asia.

It exposed the presence of unregulated or illegal casinos as well as the significant expansion of romance scams involving “pig-butchering” in the Mekong region.