UN Report Reveals Cryptocurrency Crimes May Contribute Up to 50% of North Korea’s Foreign Currency Earnings
A United Nations report has found that since 2017, cyber thefts involving cryptocurrency have been a major source of foreign currency for North Korea, accounting for 50% of its foreign currency revenues.
The investigation, part of a broader inquiry into the efficacy of sanctions on North Korea, highlighted that the country’s operatives were implicated in 17 incidents of theft and hacking in 2023, amounting to losses over $750 million, showcasing the pivotal role of crypto crimes in bolstering North Korea’s foreign income.
The report outlines North Korea’s engagement in 58 cryptocurrency thefts since 2017, amassing over $3 billion to support various state endeavors, including the advancement of weapons of mass destruction (WMDs).
It delves into North Korea’s participation in 17 cybercrimes in 2023, with stolen assets surpassing $750 million, and provides insight into the methodologies employed by North Korean hackers. These tactics range from social engineering and exploiting third-party services to utilizing crypto mixers, targeting cryptocurrency bridges, and laundering through multiple brokers.
Security firms, such as TRM Labs, have previously explored North Korea’s cryptocurrency heists, estimating the 2023 proceeds at a minimum of $600 million.
These funds, according to TRM Labs, were primarily converted through Tron-based USDT and extensive broker networks.
The UN report offers preventative strategies against cyber attacks orchestrated by North Korean groups, recommending the use of two-factor authentication, cold storage wallets, and vigilant network monitoring.
Additionally, it proposes sanctions against five entities—Lazarus, Andariel, Bluenoroff, Scarcruft, and Kimsuky—allegedly linked to significant cyber assaults on various platforms.
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