Cyberattacks targeting $3 billion in cryptocurrency, thought to finance North Korea’s missile ambitions, have prompted an inquiry by the United Nations.
North Korea is under intense scrutiny for a string of cyberattacks that attempted to steal $3 billion worth of cryptocurrency, according to the United Nations (UN).
Cybercrime is supporting the isolated nation’s nuclear and missile programs, according to international watchdogs.
There have been 58 documented cyberattacks on cryptocurrency companies by the Democratic People’s Republic of Korea (DPRK) between 2017 and 2023. As a result, it is believed that these illegal activities funded the country’s development of weapons of mass destruction.
The United Nations estimated that there were 58 cyberattacks against cryptocurrency-related firms between 2017 and 2023, with a total worth of almost $3 billion. These assaults allegedly contributed to the funding of the DPRK’s weapons of mass destruction development.
Testing ballistic missiles, launching satellites, and acquiring a new tactical nuclear attack submarine are all examples of North Korea’s persistent disobedience to international rules. Cyberwarfare strategies have come under more scrutiny as a result of Pyongyang’s continued advancements in nuclear and missile capabilities.
Leading these cyber operations is the infamous Lazarus Group, a unit of North Korea’s Reconnaissance General Bureau that is known for its state-sponsored hacking activities. Companies and supply chains involved in defense have been the targets of this group’s operations. There are claims that they were involved in the cybercriminal ecosystem’s infrastructure and tool exchange as well.
A $55 million robbery from the CoinEx exchange and a shocking $117 million loss from Poloniex are just two examples of the recent operations that the Lazarus Group is believed to have carried out. These thefts demonstrate the group’s very skilled and persistent attack tactics.
The consequences of these hacks go much beyond the monetary damages that are immediately apparent. The seized cryptocurrency, which is equal to thirty percent of North Korea’s export profits, would considerably strengthen the regime’s armed forces.
An official from South Korea’s National Intelligence Service (NIS) stressed how serious the situation was. He said that the country’s intercontinental ballistic missile launches may be financed with the $700 million worth of cryptocurrency that was stolen in 2022.
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