UN Probes $3B Crypto Hack Funding North Korea's Nuclear Program: Report
The United Nations is reportedly investigating a series of cyberattacks allegedly orchestrated by North Korea, which generated a staggering $3 billion. The funds were purportedly used to develop the country’s nuclear weapons program further.
What Happened: A panel of independent sanctions monitors is looking into 58 suspected cyberattacks on cryptocurrency-related companies that occurred between 2017 and 2023. Reuters reported that these attacks are estimated to have been worth around $3 billion, citing excerpts from an unpublished U.N. report. The report is scheduled to be released publicly later this month or early next month.
The UN Security Council has been unable to reach a consensus on further actions against North Korea. China and Russia have been advocating for the easing of sanctions to encourage North Korea to return to denuclearization talks. Despite the sanctions, North Korea has been able to access the international financial system and conduct illicit financial operations.
Why It Matters: The investigation into North Korea’s cyberattacks aligns with previous warnings about the country’s plans to conduct military and cyber attacks during the U.S. elections. The National Intelligence Service of South Korea had issued an alert about North Korea’s intentions to disrupt the U.S. and South Korean elections.
North Korea’s recent cruise missile launches have also heightened concerns, with the country’s regime calling for intensified “war preparations.”
In 2023, Kim Jong Un’s North Korea-linked hackers targeted a record number of cryptocurrency platforms, stealing over $1 billion in assets. The blockchain analytics firm Chainalysis reported that North Korea-affiliated hackers attacked 20 cryptocurrency platforms in 2023, the highest number recorded from 2016 to 2023.
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