Half of North Korea’s foreign currency earnings are From Hacks

The United Nations Security Council has revealed that North Korea derives approximately 50% of its foreign currency earnings from cyberattacks. Cryptocurrency firms were the main focus of 58 suspected cyberattacks from 2017 to 2023, as per a UN report.

North Korean hacks resulted in losses equivalent to $3 billion. The diverted funds were then utilized to cover roughly 40% of the expenses linked to creating weapons of mass destruction. 

The UN’s assessment aligns with previous estimates provided by a senior Biden administration official last year, who stated that about half of North Korea’s foreign currency income came from cyberattacks.

The report identified North Korea-backed hacker groups, such as Lazarus and Kimsuky, as the culprits behind some major exploits in the cryptocurrency realm. These groups have been linked to high-profile attacks on platforms like Harmony, Stake.com, and Coincheck. 

The report reveals the severity of North Korea‘s cyber program, which at the same time indicates its heavy investment in weapon systems as ritually vulnerable to illicit activities. As it stands, This forecast may lead to global actions against cybercrimes and stricter enforcement of regulations in the cryptocurrency sector.

The digital space is intensifying day by day, and stakeholders must prioritize robust security measures and collaborate with authorities to mitigate the risks and put a stop to the dangers that malicious actors are using emerging technologies for ruthless intentions.

Also read: Lazarus Group Executes $12M Ethereum Transaction.