North Korea Allegedly Stole $3 Billion in Crypto Cyberattacks: UN Report

UN Sanctions Monitors Accuse North Korea of Stealing $3 Billion in Cryptocurrency Assets

The UN has accused North Korea of stealing $3 billion in cryptocurrency to support their nuclear weapons program.

📰 Nuclear Upgrades And Crypto Cyberattacks Unveiled

In a recently reviewed unpublished report by Reuters, United Nations (UN) sanctions monitors have alleged that North Korea engaged in a massive theft of crypto assets, raking in $3 billion through cyberattacks.

According to the independent panel of sanctions monitors, North Korea has been enhancing its nuclear arsenal and producing nuclear fissile materials, despite international sanctions. The monitors also noted that the country conducted ballistic missile launches, deployed a “tactical nuclear attack submarine,” and even placed a satellite into orbit.

🌐Cyberattacks Funding Weapons of Mass Destruction

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The UN report reveals that there have been 58 suspected cyberattacks on crypto-related companies between 2017 and 2023, with an estimated value of $3 billion. Allegedly, these cyberattacks provided crucial funding for North Korea’s weapons of mass destruction (WMD) development.

The report states that hacking groups affiliated with the Reconnaissance General Bureau, North Korea’s primary foreign intelligence agency, were responsible for these cyber assaults.

The monitors also highlight the increasing trend of North Korea targeting defense companies and supply chains and collaborating with other actors by sharing infrastructure and tools. The report raises concerns about reports of North Korea supplying conventional arms and munitions, which contravenes existing sanctions.

While the UN report is set to be released publicly later this month or early next, North Korea’s mission to the United Nations has not yet responded to requests for comment on the allegations.

⚖️Unlikely Immediate Action by Security Council

The Security Council, historically deadlocked on the issue, is unlikely to take immediate action against North Korea, according to Reuters.

China and Russia have advocated for easing the sanctions to “persuade” North Korea to return to denuclearization talks. Additionally, Russia and North Korea have recently pledged to strengthen military relations, although both countries deny allegations of weapons supply.

👥North Korea’s Illicit Trade

Per the report, North Korea has slowly begun to emerge despite the lockdown imposed amid the COVID-19 pandemic. The UN monitors note signs of trade recovery, with higher trade volume in 2023 compared to 2022.

Notably, the United Nations monitors observed the reappearance of foreign consumer goods, including potential luxury items prohibited under Security Council sanctions.

The report also highlights North Korea’s continued access to the international financial system and engagement in illicit financial activities, including crypto assets, in defiance of UN Security Council resolutions.

The 1-D chart shows the total crypto market cap’s surge above $1.67 trillion. Source: TOTAL on TradingView.com

Questions and Answers

Q: How did North Korea manage to steal $3 billion through cyberattacks?

A: The UN report highlights that North Korea has been conducting cyberattacks on crypto-related companies since 2017. It is alleged that hacking groups affiliated with the Reconnaissance General Bureau, North Korea’s primary foreign intelligence agency, were responsible for these cyber assaults. These attacks provided crucial funding for North Korea’s weapons of mass destruction development.

Q: What actions will be taken against North Korea based on this report?

A: The Security Council is unlikely to take immediate action against North Korea, as China and Russia have advocated for easing the sanctions to encourage North Korea to return to denuclearization talks.

Q: How did North Korea continue its illicit trade despite international sanctions?

A: The report reveals that North Korea has maintained access to the international financial system and engaged in illicit financial activities, including crypto assets, in defiance of UN Security Council resolutions.

🔮Future Outlook and Analysis

Based on the UN report’s findings, it is evident that North Korea continues to defy international sanctions and engage in cyberattacks to fund its weapons of mass destruction development. This poses a significant threat not only to global security but also to the stability of the crypto market.

As the international community grapples with how to address North Korea’s actions, it is crucial for crypto-related companies to enhance their cybersecurity measures to protect against such attacks. Additionally, regulators must strengthen their oversight of crypto assets to prevent illicit activities.

Despite the challenges posed by North Korea, the crypto market continues to thrive, with the total market cap surpassing $1.67 trillion. However, investors should exercise caution and conduct thorough due diligence before engaging in any crypto-related investments.

It remains to be seen how the global community will tackle North Korea’s illicit activities and whether it will lead to significant changes in international sanctions.

Reference List

1. Shiba Inu Price Breaks 2-Month Downtrend, Eyes New Peaks
2. Crypto Analyst Predicts Bitcoin To $100,000 But Says Cardano Is Dead, Here’s Why
3. Blockchain
4. Crypto Crime
5. Crypto News
6. Crypto Scams
7. Crypto Theft
8. Cryptocurrency
9. North Korea
10. North Korean Hacks
11. Total Crypto Market
12. Total Crypto Market Cap
13. United Nations

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