UN Investigating North Korean Hackers’ Attacks on Crypto Firms

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The United Nations (UN) is currently investigating the hacking groups with backgrounds in the Democratic People’s Republic of Korea (DPRK) that are responsible for carrying out attacks on crypto firms over the past six years and generating profits worth $3 billion. 

According to a previous report by TheCoinRise, a report from TRM Labs, a blockchain intelligence company, has revealed that North Korean hackers stole up to $700 million in Bitcoin this year, of which $600 million was verified by their investigation. These hackers were responsible for stealing about 33% of all crypto hacks in 2023.

UN Launches a Probe into North Korean Hackers

As per a recent Reuters report, the UN has put an independent sanction committee to the task of overseeing the investigation into the DPRK-linked hacking groups. 

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Reportedly, the groups have targeted 58 digital asset firms to aid in the development of their weapon of mass destruction (WMD) initiative between 2017 and 2023.

“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development.”

UN Report Coming Soon

The UN is also set to release a published report on the same in the upcoming two months, Reuters added. It is important to note that the North Korean hacking groups have been deemed responsible for many of the hacking incidents that have happened in the digital asset sector.

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It is crucial to note that the Federal Bureau of Investigation (FBI) also recently warned that the hackers are on the brink of liquidating some of their stolen crypto assets. Interestingly, the FBI has been keeping track of the funds stolen by the Lazarus Group, a notorious hacking group sponsored by DPRK.

North Korean Hackers Wreak Havoc

While the North Korean hackers have caught the attention of the UN, TRM Labs has forecast that the hackers will wreak more havoc this year as their methods of implementing exploits continue to advance. 

“Despite notable advancements in cybersecurity among exchanges and increased international collaboration in tracking and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyber-thief.”

DoJ Focused on Crypto Hackers

As per another report from TheCoinRise, the US Department of Justice’s (DOJ) named Eun Young Choi, a prosecutor with almost a decade of experience in the agency, director of the Justice agency’s National Cryptocurrency Enforcement Team (NCET), in February 2022. 

Choi’s focus is cracking down on the bad actors in the digital asset space and on thefts and breaches utilizing DeFi, “particularly chain bridges.”

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