The North Korean regime managed to steal more cryptocurrency last year than in previous years, according to a draft UN report. Despite the difference between the quoted estimates, the authors conclude that 2022 was a record year for cryptocurrency theft, which is attributed to hermit status.
North Korea-linked cybercrime groups seize over $1 billion worth of cryptocurrency in a year
North Korea has stolen more crypto assets in 2022 than in any other year, according to a United Nations report due for release later this month or early March. The draft document, seen by Reuters and Nikkei Asia, reveals how the isolated country is raising funds through cyberattacks and circumventing international restrictions.
The document, which is still confidential at this time, was presented to the UN Security Council committee on sanctions on North Korea on Friday. The findings in it are based on information provided by UN member states and cyber security companies.
Its authors cite different estimates. One produced by South Korea suggests that Pyongyang-controlled hackers acquired $630 million worth of crypto during the period studied, while a cybersecurity firm assessed that the virtual money they obtained exceeded $1 billion. In any case, independent sanctions monitors believe that:
DPRK actors stole more value from cryptocurrency assets in 2022 than in any previous year.
Tenth of total stolen accounts from South Korea
Changes in the U.S. dollar equivalent of cryptocurrency in recent months have likely affected these estimates, the report noted, while noting that both estimates indicated that 2022 was a record year for Republic-associated cryptocurrency theft. Democratic People’s Republic of Korea (DPRK). ).
A similar conclusion emerges from the data compiled by Chainalysis. Last week, the US-based blockchain forensics firm said North Korea-linked hackers, such as members of the Lazarus Group, have been particularly active in the past year, having stolen around $1.7 billion. in coins.
Citing intelligence authorities, the Seoul daily Chosun Ilbo wrote on Tuesday that about 10% of the total has been withdrawn from accounts of South Korean companies and individuals. He also noted that the money is believed to have been laundered and used to finance the North’s nuclear and missile development programs.
Sanctions monitors said most of the cyberattacks were carried out by hacking teams controlled by the DPRK’s General Reconnaissance Office, the communist state’s top intelligence agency. In addition to Lazarus, these also include groups like Kimsuky and Andariel. The UN report also noted that the techniques they are employing are becoming more sophisticated, making it more difficult to track.
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