UN report: North Korea stole more cryptocurrency in 2022 than any previous year.
North Korea’s cyber attacks have gotten more sophisticated and profitable in recent years, according to a report submitted to the United Nations.
According to a classified United Nations report, North Korean hackers made off with more cryptocurrency in 2022 than ever before.
Reuters claims to have seen the UN report that was submitted to the 15-person sanctions committee on North Korea last week.
According to the report, hackers with ties to North Korea stole crypto assets worth $630 million to more than $1 billion from the networks of foreign aerospace and defence companies last year.
According to the United Nations report, tracking down digitally stolen money is harder than ever because cyberattacks have become more sophisticated.
“[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including to its weapons programmes,” the independent sanctions monitors said in their report to the UN Security Council Committee.
A similar conclusion was reached by blockchain analytics firm Chainalysis in a report published on February 1st, tying North Korean hackers to at least $1.7 billion worth of stolen crypto in 2022.
They were identified as the most “prolific cryptocurrency hackers over the last few years” by the company.
According to Chainalysis, “it isn’t a stretch to say that cryptocurrency hacking is a large chunk of the nation’s economy.” In 2020, North Korea exported a total of $142 million worth of goods.
Chainalysis estimates that at least $1.1 billion of the stolen loot was obtained through hacks of decentralised finance protocols, placing North Korea as a leading actor in this growing trend.
The company also discovered that hackers with ties to North Korea frequently transfer sizable sums to notorious money-launderers like Tornado Cash and Sinbad.
To be more specific, “funds from hacks carried out by North Korea-linked hackers move to mixers at a much higher rate than funds stolen by other individuals or groups,” as stated by Chainalysis.
Despite repeated denials, a new UN report claims that North Korea’s primary intelligence bureau, the Reconnaissance General Bureau, employs cyberattack groups like Kimsuky, Lazarus Group, and Andariel.
According to the United Nations report, “these actors continued illicitly targeting victims to generate revenue and solicit information of value to the DPRK, including its weapons programmes.”
The full report, which was presented to the 15-person council’s North Korea sanctions committee last week, is expected to be made public later this month or in early March.