UN Accuses North Korea of Stealing $3 Billion in Crypto

PRIMITIVE ACCUMULATION OF CAPITAL

By Harsh Notariya

8 February 2024, 

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In Brief

• North Korea is under UN investigation for cyberattacks aimed at stealing $3 billion in crypto, believed to fund its missile programs.
• The Democratic People's Republic of Korea (DPRK) reportedly engaged in 58 cyberattacks on crypto firms from 2017 to 2023.
• Lazarus Group, a state-sponsored hacking collective, is at the forefront of these operations, with recent heists on crypto exchanges.

The United Nations (UN) has unveiled that North Korea is under rigorous investigation for a series of cyberattacks aimed at pilfering $3 billion in crypto.

International watchdogs believe that the cyber heists are part of a bigger plan to support the isolated nation’s nuclear and missile programs.

North Korea Conducted 58 Attacks on Crypto Firms

The Democratic People’s Republic of Korea (DPRK) has reportedly engaged in 58 cyberattacks targeting crypto firms from 2017 to 2023. Consequently, these illicit activities are believed to have funded the nation’s weapons of mass destruction development.

“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development,” the UN wrote.

North Korea continues to defy international norms with ballistic missile tests, satellite launches, and a new tactical nuclear attack submarine. Its last nuclear test was in 2017. Yet, Pyongyang keeps advancing its nuclear and missile capabilities, which has led to increased attention on its cyber warfare tactics.