UN Expert Panel Investigate $3B Worth North Korean Crypto Cyberattacks UN Monitors on the CaseAn independent
UN jury is digging deep into North Korea's alleged involvement in
$3 billion worth of cyberattacks on
crypto firms. The monitors are determined to hold the Democratic People's Republic of Korea (DPRK) accountable for flouting Security Council sanctions.
Unmasking the Digital ThreatWith a keen eye for detail, the panel is examining
58 suspected DPRK cyberattacks on cryptocurrency-related companies spanning from 2017 to 2023. These attacks, valued at a staggering $3 billion, are believed to have played a role in funding North Korea's ambitious WMD development.
Crypto Heists and Nuclear AmbitionsRecent findings by TRM Labs reveal that North Korea-linked hackers have managed to pilfer an eye-watering sum of
$200 million in cryptocurrencies between January and August 2023 alone. This digital thievery not only lines their pockets but also fuels the country's nuclear and ballistic missile programs.
Sanctions and a Shifting LandscapeThe UN has been tightening the screws on DPRK since its first nuclear test in 2006, imposing a range of sanctions including restrictions on financial services and mineral trade. However, as traditional revenue streams dry up, North Korea seems to be turning to the world of crypto for its financial fix.
A Record-Breaking Year for Crypto HacksIt's not just North Korea making waves in the cyber underworld. According to Chainalysis, 2022 witnessed an unprecedented surge in crypto hacking, with a jaw-dropping $3.8 billion snatched from businesses. The digital landscape is evolving, and cyber-espionage groups are honing their tactics to amass vast sums of virtual wealth.
