Global Cybersecurity: UN Investigates $3 Billion North Korean Assault On Crypto Firms

The United Nations (UN) is examining hacking entities associated with the Democratic People’s Republic of Korea (DPRK) for orchestrating cyber assaults on crypto firms spanning six years, resulting in accumulated profits of around $3 billion.

As a recent Reuters report referencing unpublished UN documents outlined, an independent sanctions committee oversees the inquiry into hacking groups linked to the DPRK.

Furthermore, Between 2017 and 2023, the groups allegedly targeted 58 crypto-related firms to assist in their development work on weapons of mass destruction (WMD).

“The committee is probing 58 suspected cyberattacks by DPRK on cryptocurrency-related enterprises between 2017 and 2023, estimated at $3 billion, reportedly contributing to the financing of DPRK’s WMD development.”

According to reports, the UN is expected to report its findings within the next two months.

DPRK-linked hacking entities have come under scrutiny for purported cryptocurrency losses resulting from hacks in the recent past.

TRM Labs Forecasts Rising Crypto Threats

Moreover, In 2023, Chainalysis projected that these hacking groups would absconde with roughly $1 billion worth of cryptocurrency through 20 separate hacks within that year.

Nevertheless, there was a notable decline in comparison to the preceding year. In 2022, losses incurred from exploits associated with North Korea amounted to $1.7 billion across 15 hacking incidents.

Attack vectors affecting DeFi are sophisticated and diverse, with hackers exploiting both on-chain and off-chain vulnerabilities. In particular, the compromise of private keys, price manipulation attacks, and smart contract exploitation drove DeFi hacking losses in 2023. pic.twitter.com/7ZShsNjL8t
— Chainalysis (@chainalysis) January 24, 2024

TRM Labs, a blockchain intelligence company, predicts that the upcoming year will witness heightened harm caused by hacking groups. However, their forecast suggests that the methods employed by these groups will surpass those seen in preceding years.

“Exchanges are improving cybersecurity, and countries are collaborating to catch thieves and recover stolen money. Despite these efforts, 2024 could bring more trouble from the top cyber-thief.”

However, Poorly regulated or illicit casinos, along with the proliferation of “pig-butchering” romance scams, have emerged as significant areas of growth in the Mekong Region.

The author’s views are for reference only and shall not constitute any investment advice. Please ensure you fully understand and assess the products and associated risks before purchasing.