In a recent development, the United Nations has revealed that North Korea has been engaging in “malicious” cyber activities and cryptocurrency theft, which account for nearly half of its foreign currency revenue, thus funding its weapons programs.
According to a recent report by a panel of experts from the United Nations (UN), Pyongyang has been leveraging cyber methods to generate approximately 50 percent of its foreign currency income, as disclosed by one member state.
Furthermore, the findings from the panel indicate that illicit cyber activities finance approximately 40 percent of North Korea’s weapons of mass destruction (WMD) programs, as reported by Yonhap.
The United Nations is conducting an investigation into cyberattacks and cryptocurrency theft that date back to 2017.
The UN panel’s investigation is concentrated on cyberattacks associated with cryptocurrency-related entities, spanning back to 2017. During this timeframe, they have identified 58 suspected attacks linked to North Korea, collectively valued at approximately $3 billion.
The report emphasizes the persistent targeting of the virtual asset sector by North Korean cyber threat actors, who aim to generate revenue while circumventing UN sanctions.
The severity of the issue is underscored by the panel’s revelation of 17 cryptocurrency heists in 2023 alone, potentially attributed to North Korea, resulting in over $750 million in stolen assets.
Furthermore, the report highlights the scrutiny of a total of 58 suspected cyberattacks targeting crypto-related companies between 2017 and 2023, underscoring the significant impact of North Korea’s cyber theft operations.
These illicit activities have prompted one cybersecurity firm to brand North Korea as the world’s most prolific cyber thief. Despite UN Security Council resolutions, North Korea has continued to advance its nuclear and missile programs, as highlighted in the report.
The panel’s findings reveal ongoing development efforts in nuclear weaponry and the production of nuclear fissile materials, despite the absence of any known nuclear tests since 2017.
Of particular concern are observations made by Rafael Grossi, Director General of the International Atomic Energy Agency (IAEA), regarding potential activities related to the commissioning of a “light water reactor” that could contribute to North Korea’s nuclear aspirations.
North Korea makes strides in enhancing its ballistic missile capabilities.
In tandem with its nuclear ambitions, North Korea’s persistent disregard for UN resolutions has been highlighted by the panel, particularly through advancements in its ballistic missile capabilities.
The country has conducted numerous missile launches, experimented with satellite launchers, and purportedly initiated the development of a ballistic missile submarine. These activities underscore North Korea’s commitment to advancing its missile program.
The panel’s assessment indicates notable progress across various aspects of North Korea’s missile program, including improvements in reliability, maneuverability, precision, air bursts, and the manufacturing of mobile launchers.
In 2022, Chainalysis, a prominent blockchain monitoring firm, reported a record-breaking $3.8 billion stolen by cybercriminals within the cryptocurrency sphere. Notably, North Korean government hackers, identified as the Lazarus Group, accounted for a significant portion, totaling $1.7 billion. These illicit activities were primarily aimed at financing North Korea’s nuclear weapons program, in violation of international sanctions.
Furthermore, data from Chainalysis indicates that in 2021 alone, hackers managed to abscond with $3.3 billion in digital assets, underlining the persistent threat posed by cybercriminals in the cryptocurrency realm.
