• North Korea has managed to steal more cryptocurrency last year than in previous years, according to a draft U.N. report.
• Cybercrime groups linked to North Korea have gotten hold of crypto worth over $1 billion in a year.
• Reports suggest that hackers controlled by Pyongyang acquired crypto worth $630 million during the studied period and that 10% of the total was extracted from accounts of South Korean companies and individuals.
North Korea Stole Record Amount of Crypto Assets in 2022
The regime in North Korea has managed to steal more cryptocurrency last year than in previous years, according to a draft U.N. report. Despite the difference between quoted estimates, the authors conclude that 2022 was a record-breaking year for crypto theft, to be blamed on the hermit state.
Cybercrime Groups Linked to North Korea Acquire Crypto Worth Over $1 Billion
North Korea has stolen more crypto assets in 2022 than any other year, according to a United Nations report which is set to be released by the end of this month or early March. The document, seen by Reuters and Nikkei Asia, reveals how the isolated country is raising funds through cyberattacks and circumvention of international restrictions. It was submitted to the U.N Security Council’s committee on North Korea sanctions on Friday and is still confidential at this point in time. Estimates suggest that hackers controlled by Pyongyang acquired crypto worth $630 million during the studied period while cybersecurity firms believe it exceeded $1 billion – making it higher than any other year for DPRK actors involved with crypto theft .
Hackers Extract 10% from South Korean Accounts
Data compiled by Chainalysis shows that North Korean-linked hackers stole around $1.7 billion worth of coins last year alone – with intelligence authorities suggesting 10% was taken from accounts belonging to South Korean companies and individuals . It is believed these funds were laundered and used for financing nuclear missile development programs within the country .
Sanctions Monitors Urge Action
The independent sanctions monitors are urging governments worldwide take action against such illicit activities stating: „We call upon all states…to protect their financial services sector against these continued threats“ as well as taking steps towards countering money laundering activities associated with cryptocurrencies .
Conclusion
It is clear that North Korea continues its attempts at circumventing international restrictions through cybercrime and stealing large sums of cryptocurrency – having stolen more virtual money last year than any other before it . Governments must take steps towards protecting their financial services sectors against such threats as well as money laundering activities associated with cryptocurrencies – particularly those originating from North Korea .