UN Panel Investigates North Korea’s $750 Million Cryptocurrency Cyberattacks

A report by a United Nations panel of experts has shed light on the extent to which North Korea relies on cryptocurrency and other malicious cyber activities to generate foreign currency revenue and fund its weapons programs.

The panel under the UN Security Council’s (UNSC) sanctions committee on North Korea released the report on Wednesday. It also highlights the country’s ongoing efforts to evade sanctions and advance its nuclear and missile capabilities.

Key points:

• North Korea’s cyberattacks generate approximately 50% of its foreign currency income.
• Illicit cybermeans fund 40% of North Korea’s weapons of mass destruction (WMD) programs.
• A UN panel is currently examining 58 suspected cyberattacks attributed to North Korea targeting crypto-related companies spanning from 2017 to 2023.
• North Korea continues to develop nuclear weapons, produce fissile materials, and advance its ballistic missile program.

Read more: Coinbase Plans To Launch Dogecoin Futures Contracts, DOGE Surges

According to the report details shared by Yonhap, North Korean cyberthreat actors have persistently targeted the cryptocurrency industry to circumvent UN sanctions and generate revenue.

The panel cited information from one member state, indicating that these malicious cyberactivities account for approximately 50% of North Korea’s foreign currency income. Another member state revealed that illicit cybermeans fund 40% of the country’s WMD programs.

UN panel is investigating 17 cryptocurrency heists

The panel is currently investigating 17 cryptocurrency heists that occurred last year, potentially linked to North Korea. The thefts have a combined value of more than $750 million.

Additionally, the panel is examining a total of 58 suspected cyberattacks on crypto-linked firms between 2017 and 2023, estimated to be worth approximately $3 billion. The report noted that one cyber company labeled North Korea as the world’s most prolific cyberthief.

Read more: U.S. Firms Receive Subpoenas As SEC Seeks To Classify Ethereum As A Security

Alongside its cyberactivities, North Korea has continued to violate UNSC sanctions by focusing on its nuclear and missile programs. The report highlighted that the country has further developed nuclear weapons and produced nuclear fissile materials, despite its last known nuclear test taking place in 2017.  

Furthermore, the report emphasized North Korea’s ongoing efforts to advance its ballistic missile capabilities through missile and satellite launcher tests, as well as the commissioning of a purported ballistic missile submarine.