UN Reports North Korea's Crypto Heists
Cryptocurrency attacks fund weapon development
March 21, 2024 09:03 AM
Reading time: 1 minute, 33 seconds
TL;DR The United Nations Security Council has reported significant losses in the cryptocurrency sector due to North Korean cyberattacks, amounting to $3 billion from 2017 to 2023. These attacks have been a major source of foreign currency for North Korea, funding approximately 40% of its weapons of mass destruction development costs. The global community considers further sanctions in response.
The United Nations Security Council disclosed on Thursday that North Korea has been heavily involved in cyberattacks against cryptocurrency companies, contributing significantly to its foreign currency earnings.
According to a report covered by South Korea's Yonhap news agency, these attacks have resulted in substantial financial losses worldwide, totaling approximately $3 billion over the last six years.
The Scale of Cyber Warfare
The UN's report, which investigated 58 suspected cyberattacks from 2017 to 2023, highlights the growing concern over North Korea's cyber capabilities. The funds acquired from these illicit activities have been crucial for the regime, supporting around 40% of the costs associated with its controversial weapons of mass destruction program.
This revelation aligns with U.S. intelligence assessments reported last year, indicating the significant role of cyberattacks in North Korea's economy.
"North Korean hacks caused losses equivalent to $3 billion, according to Yonhap."
Global Reactions and Future Actions
While the report itself does not enact any immediate sanctions, it sets the stage for possible future actions by the international community.
Reports from Japan's Nikkei suggest that the United Nations Security Council may consider imposing additional sanctions on North Korea in response to these findings. This would add to the already stringent measures in place aimed at curbing the regime's nuclear and missile programs.
A Persistent Threat
The continuous nature of these attacks underscores the persistent threat that North Korea poses to the global financial system, particularly the burgeoning cryptocurrency market.
As digital currencies become increasingly mainstream, the need for enhanced cybersecurity measures and international cooperation to combat such threats becomes ever more critical.
Looking Ahead
The international community is now faced with the challenge of addressing this issue without escalating tensions further.
The information laid out in the UN's report provides a stark reminder of the unconventional methods North Korea employs to fund its military ambitions, prompting a reevaluation of both cybersecurity and diplomatic strategies moving forward.
