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UN Investigating Crypto Attacks by North Korea Hacking Groups Totalling $3B

UN Investigating Crypto Assaults by North Korea Hacking Teams Totalling $3B

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The United Nations (UN) is cracking down on North Korea’s suspected misuse of cryptocurrency, launching an investigation into hacking teams linked to the nation. These teams are accused of orchestrating cyberattacks on cryptocurrency companies over the previous six years, amassing a staggering $3 billion in stolen funds to allegedly help their weapons of mass destruction (WMD) program.

This investigation, overseen by an impartial UN sanction committee, delves into 58 cyberattacks concentrating on crypto-related corporations between 2017 and 2023. The stolen funds, estimated at $3 billion, reportedly play a vital position in financing North Korea’s WMD improvement, elevating worldwide considerations about their nuclear and missile applications.

This transfer comes after stories in 2023 recommended North Korean hacking teams stole round $1 billion value of cryptocurrency by 20 hacks. Whereas this quantity represents a lower in comparison with the $1.7 billion stolen in 2022, blockchain intelligence companies warn of an alarming pattern. They predict much more refined and damaging assaults in 2024, doubtlessly leading to even better monetary losses for cryptocurrency companies.

“Regardless of developments in cybersecurity measures employed by exchanges and elevated worldwide collaboration to trace and get better stolen funds, 2024 is more likely to see additional disruption from the world’s most prolific cyber-thief,” warns TRM Labs, a blockchain intelligence agency.

Including to the considerations, the UN Workplace on Medicine and Crime lately highlighted the misuse of cryptocurrency in illicit economies rising in East and Southeast Asia. Unregulated or illicit casinos and “pig-butchering” romance scams are reportedly flourishing within the Mekong area, elevating considerations in regards to the potential misuse of crypto for prison actions.

By Maggi

"Greetings! I am a media graduate with a diverse background in the news industry. From working as a reporter to producing content, I have a well-rounded understanding of the field and a drive to stay at the forefront of the industry." When I'm not writing content, I'm Playing and enjoying with my Kids.

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