UN Probes $3B Crypto Hacks by North Korean Actors

• North Korean crypto hacks have attracted the UN’s attention.
• A UN panel is reportedly investigating North Korea’s digital asset hacking activity.
• The panel will make its report public within the next two months.

A panel of United Nations sanctions monitors is reportedly probing North Korea for its alleged involvement in multibillion-dollar cyberattacks on crypto firms.

Known for its notorious cyber espionage, North Korea has been at the forefront of crypto hacks and is home to the infamous and dreaded Lazarus Group. The group has been linked to various high-level crypto hacks, including a $100M attack on Harmony and a $35 million attack on Atomic Wallet .

North Korea Under Probe for $3B Crypto Hacks

According to a recent Reuters report , the UN panel is investigating North Korea over cryptocurrency-related hacks worth about $3 billion.

The sanctions monitors claimed that the North Korean hacking groups work under the Reconnaissance General Bureau (RGB), Pyongyang’s primary foreign intelligence agency.

With the panel expected to make its findings public “later this month or early next month,” it will not be the first report scrutinizing North Korean-affiliated hacker groups for stealing millions from the crypto industry.

On January 5, TRM labs reported that North Korean hackers stole $600 million in crypto in 2023, accounting for nearly one-third of all funds lost to cryptocurrency cyberattacks that year. However, comparison data reveals a much higher figure.

Per Chainalysis in its latest report on January 24, North Korea’s crypto hacking activity soared to a new high in 2023, with cyber-espionage groups such as Kimsuky and Lazarus Group believed to have stolen slightly over $1 billion in digital assets.  

During the same year, North Korean cybercriminals hacked a record 20 crypto platforms, the highest number reported in the last seven years.

Read how North Korea stole $3B in crypto over six years:
How North Korea Stole $3 Billion in Crypto Over 6 Years

Stay updated on why three nations aim to combat North Korea’s cybercrimes:
US, South Korea, Japan to Combat North Korea’s Cyber Crimes