A country that has earned more than $ 3 billion through cyberattacks on cryptocurrency platforms has been named

The United Nations (UN) has revealed that North Korea has amassed approximately $ 3 billion through cyberattacks on cryptocurrency firms. A UN panel of experts reported that this malicious cyber activity accounts for almost half of North Korea’s foreign exchange earnings.

In the period from 2017 to 2023, Pyongyang launched 58 cyberattacks on cryptocurrency platforms. These actions largely support its efforts to develop weapons of mass destruction.

Based on open-source data, international feedback, and other resources, the UN Security Council Sanctions Committee released these findings. Accordingly, North Korean crypto hackers have been relentlessly pursuing the ecosystem. Their goal was to circumvent UN sanctions and increase their financial reserves.

«The Democratic People’s Republic of Korea (DPRK)'s malicious cyber activities generate approximately 50% of its foreign exchange earnings and are used to finance its weapons programs,» the UN commission said.

The North Korea-linked Lazarus Group leads these cyber operations. Their thefts illustrate the ability to finance large-scale military activities. Emphasizing the seriousness of the situation, a representative of South Korea’s National Intelligence Service noted the alarming potential.