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UN Probes North Korea For Draining $3B In Crypto Hacks – Crypto News

Published

2 years ago

March 21, 2024

Dripp

The United Nations (UN) has recently revealed a report regarding North Korea’s involvement in cyberattacks targeting crypto assets. Notably, the report has sparked global concern over the safety of digital investments.

Meanwhile, the UN Security Council’s latest report unveils alarming statistics, indicating that North Korea derives a substantial portion of its foreign currency income from cybercriminal activities, with an estimated $3 billion drained through crypto hacks. This revelation underscores the urgent need for enhanced cybersecurity measures in the digital asset space.

UN Report Exposes North Korea’s Crypto Hack Tactics

The UN Security Council’s panel of experts, in their recent report, disclosed North Korea’s extensive reliance on cyberattacks as a significant source of foreign currency income. According to a report by the media outlet Nikkei, around 50% of North Korea’s foreign currency revenue is derived from cybercriminal activities, particularly targeting crypto assets and virtual currency-related companies.

Notably, these findings shed light on the sophisticated tactics employed by North Korea to evade international sanctions and finance its illicit activities through cyber warfare.

In addition, the investigation, spanning from July 2023 to January 2024, unearthed alarming details about North Korea’s cyber capabilities. Notably, the UN’s report highlighted that cyberattacks accounted for nearly 40% of the expenses incurred in developing weapons of mass destruction.

Besides, defense-related entities have increasingly become prime targets, with hackers affiliated with the Reconnaissance General Bureau sharing infrastructure and tools to execute sophisticated cyber campaigns.

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Global Implications and Response To Cyber Threats

The revelations in the United Nations (UN) report have sparked international concern and prompted calls for decisive action to counter North Korea’s cyber threats. While the report itself is not legally binding, it serves as a wake-up call for Security Council members to consider imposing additional sanctions on entities found to be complicit in North Korea’s illicit activities.

In addition, the UN’s report underscores the urgent need for enhanced cybersecurity measures to safeguard the cryptocurrency sector against state-sponsored cyberattacks.

Meanwhile, Israel’s determination that Hamas possesses North Korean-made weapons further amplifies concerns over the proliferation of illicit arms trade facilitated by cybercriminal activities. Despite North Korea’s denial of these allegations from the United Nations, the international community remains vigilant in monitoring and addressing the growing threat posed by the regime’s cyber warfare capabilities.

As nations grapple with the evolving landscape of cyber threats, collaborative efforts are imperative to mitigate risks and protect global security interests.

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