A United Nations Security Council report has disclosed that North Korea acquires a substantial portion of foreign currency through cyber theft, particularly by attacking cryptocurrency entities. These cybercrimes have caused an estimated $3 billion in losses from 2017 to 2023, with the illicit revenue funding significant portions of the country’s weapons development.
Cybercrimes Linked to Weapon Financing
Investigations reveal that North Korea orchestrated 58 cyberattacks on digital currency businesses in the mentioned period, incurring financial damages totaling $3 billion. These heists have reportedly financed around 40% of the expenditures for North Korea’s weapons of mass destruction programs.
International concern has grown over these revelations, with the possibility of the UN imposing stiffer sanctions on North Korea. These findings align with previous assessments by the Biden administration, which also recognized cyber heists as a major contributor to North Korea’s foreign currency reserves.
The Role of Hacker Groups and Cryptocurrency Mixers
The report identified notorious hacking entities such as Lazarus and Kimsuky, linked to North Korea, as perpetrators behind several major cryptocurrency thefts. These groups have attacked various platforms, including Harmony, Stake.com, and Coincheck, and have used cryptocurrency mixers to launder the stolen funds.
The Security Council’s report underscores the critical challenge posed by North Korea’s cyber warfare. Beyond targeting cryptocurrency companies, these illegal activities fuel the expansion of weapons of mass destruction, stressing the importance of vigilance and international cooperation to thwart these digital crimes.
