According to a report by the South Korean news agency Yonhap, citing a United Nations (UN) Security Council study, North Korean-linked cyber thieves have pilfered approximately $3 billion in cryptocurrency from 2017 to 2023. This revelation underscores the growing threat posed by state-sponsored cybercrime on the digital currency landscape.
Intensive Crypto Heists in 2023
In a focused effort to combat this rising menace, a UN Security Council panel is currently investigating 17 cryptocurrency heists that occurred in 2023 alone, potentially linked to North Korea, totaling over $750 million in stolen assets. These incidents contribute to the broader pattern of cyberattacks aimed at crypto-linked firms, with 58 suspected attacks identified between 2017 and 2023.
Financing Weapons Programs Through Cybercrime
The report highlights the critical role these illicit activities play in North Korea’s economy, accounting for an estimated 50% of the country’s foreign currency income. It’s believed that the proceeds from these cyber heists are channeled into funding North Korea’s weapons programs, raising significant international security concerns.
North Korea: A Cyber Theft Powerhouse
North Korea has increasingly targeted the cryptocurrency industry as a strategic method to circumvent international sanctions, earning it the title of “the world’s most prolific cyber-thief.” This strategy not only showcases the regime’s reliance on cybercrime for economic sustenance but also highlights the sophisticated nature of its hacking operations.
In December, cybersecurity firm Recorded Future corroborated the scale of these operations, estimating that the Lazarus Group, a hacking organization linked to North Korea, has stolen $3 billion in cryptocurrency over the past six years. This persistent threat underscores the need for heightened cybersecurity measures within the crypto industry to safeguard against state-sponsored cybercriminal activities.
