The United Nations (UN) is taking action against North Korea’s alleged illicit use of cryptocurrency. The investigation focuses on hacking collectives associated with the country, which have been targeting cryptocurrency companies through cyberattacks for six years.
The hackers have allegedly accumulated a whopping $3 billion from their illegal activities, which they use to support their weapons of mass destruction (WMD) program. A UN sanction committee is looking into 58 cyberattacks that occurred between 2017 and 2023, which focused on cryptocurrency firms.
The enormous amount of $3 billion in stolen funds shows the severity of these attacks. Many experts think that these funds are crucial for North Korea’s development of weapons of mass destruction.
This could have implications for their nuclear and missile programs, causing concern within the international community. In 2023, hackers from North Korea pilfered approximately $1 billion in cryptocurrency through 20 separate attacks, prompting apprehension about future events.
Cryptocurrency enterprises may face even greater financial losses in 2024 due to more sophisticated and detrimental cyber assaults.
TRM Labs, a leading blockchain intelligence company, warned that the world’s most proficient cyber criminals will continue to pose significant threats in 2024, despite improvements in exchange cybersecurity and enhanced global collaboration aimed at recovering stolen funds.
The UN Office on Drugs and Crime has also highlighted the negative utilization of cryptocurrency in emerging illicit economies in East and Southeast Asia. There are reports of an expanding black market characterized by unlicensed or illegal gambling establishments, as well as fraudulent romance schemes, colloquially referred to as “pig-butchering,” in the Mekong region.