UN: Cyberattacks Account for Half of North Korea’s Foreign Currency Income

Approximately half of North Korea’s foreign currency income is derived from cyberattacks, including those targeting cryptocurrency companies, according to a report by the Yonhap citing the UN Security Council.

The organisation estimates that between 2017 and 2023, North Korean hackers inflicted damage equivalent to $3 billion. These funds were subsequently used to finance the development of weapons of mass destruction.

These estimates align with previous calculations by experts from Recorded Future and conclusions from The Wall Street Journal.

Although the UN report itself is not legally binding, the global security body could impose additional sanctions on North Korea, writes Nikkei.

Earlier data from Chainalysis indicated that North Korean hackers’ attacks on the crypto market in 2023 became less profitable. Last year’s 20 breaches resulted in the theft of digital assets worth about $1 billion, whereas 15 cyberattacks in 2022 yielded $1.7 billion.

The wallets of one of the most active North Korean hacker groups, Lazarus Group, were found to contain the equivalent of $47 million.