North Korea Has Pocketed $3 Billion from Crypto Hacks, Says United Nations

In a startling revelation by the United Nations (UN), North Korea has accumulated an estimated $3 billion from cyberattacks on cryptocurrency firms.

This staggering sum is believed to fuel its weapons programs, escalating global security concerns.

How Crypto Funds North Korea’s Weapons of Mass Destruction Program

A UN panel of experts reported that these malicious cyberactivities provide nearly half of North Korea’s foreign currency revenue. Between 2017 and 2023, Pyongyang launched 58 cyberattacks on crypto entities.

These acts significantly support its weapons of mass destruction (WMD) endeavors.

Based on insights from open-source data, international feedback, and other resources, the UN Security Council’s sanctions committee unveiled these findings. Accordingly, North Korean crypto hackers relentlessly pursued the ecosystem. Their aim was to bypass UN sanctions and enhance their financial reserves.

“The malicious cyberactivities of the Democratic People’s Republic of Korea (DPRK) generate approximately 50 percent of its foreign currency income and are used to fund its weapons programs,” the UN panel said.

Crypto Funds Hacked by North Korea. Source: Chainalysis

Their infamous heists, such as stealing $615 million from Ronin Bridge, illustrate their capability to fund extensive military activities. Highlighting the severity, a South Korean National Intelligence Service official noted the alarming potential.

He mentioned that the $700 million stolen in 2022 could finance the nation’s intercontinental ballistic missile initiatives.

Further complicating matters, the UN report shed light on North Korea’s persistent nuclear ambitions. It noted advancements at the Yongbyon and Punggye-ri sites. The International Atomic Energy Agency observed the light water reactor’s activity, hinting at increased fissile material production for nuclear weaponry.

In defiance of UN sanctions, North Korea has expanded its nuclear and missile programs. The nation’s missile technology improvements, including reliability and precision enhancements, heighten global tension.

Trusted

Disclaimer

In adherence to the Trust Project guidelines, BeInCrypto is committed to unbiased, transparent reporting. This news article aims to provide accurate, timely information. However, readers are advised to verify facts independently and consult with a professional before making any decisions based on this content. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.

Conclusion

In conclusion, the United Nations has disclosed that North Korea has collected an estimated $3 billion through cyberattacks on cryptocurrency firms. This substantial amount is believed to be funding the country’s weapons programs, posing a significant global security threat. The UN panel of experts reported that these cyberactivities generate nearly half of North Korea’s foreign currency revenue, with 58 cyberattacks on crypto entities occurring between 2017 and 2023. The nation’s relentless pursuit of the cryptocurrency ecosystem aims to bypass UN sanctions and bolster its financial reserves, supporting its weapons of mass destruction initiatives. Additionally, North Korea’s persistent nuclear ambitions and advancements in missile technology further heighten global tensions and defy international sanctions.

North Korea Has Pocketed $3 Billion from Crypto Hacks, Says United Nations

porCryptoSphere

How Crypto Funds North Korea’s Weapons of Mass Destruction Program

Trusted

Conclusion

You missed

Why These Altcoins Are Trending Today — October 25

Dogecoin (DOGE) Records First Net Inflow in Days as Market Momentum Builds

Retail Investors Fuel Bitcoin ETF Boom, Dominating 80% of Market Demand

Sui Trading Volume Plummets 30% as Traders Take a Wait-and-See Approach