UN says half of North Korea’s foreign currency gains came from hacks, crypto attacks: reports

The United Nations Security Council said Thursday that North Korea got around 50% of its foreign currency gains from cyberattacks, including those on cryptocurrency companies, South Korea’s Yonhap news agency reported Friday, citing a UN report.

The UN Security Council’s report, which assessed 58 suspected cyberattacks on crypto-related firms from 2017 to 2023, stated that North Korean hacks caused losses equivalent to $3 billion, according to Yonhap. The siphoned funds were then used by North Korea to fund around 40% of the costs of developing weapons of mass destruction, the report said.

While the UN report does not hold authority on its own, the global security body may follow up with additional sanctions on North Korea, Japan’s Nikkei reported Friday.

The latest UN report aligns with U.S. estimates from last year. One senior official from the Biden administration reportedly stated last June that about half of North Korea’s foreign currency income was derived from cyberattacks.

The UN did not immediately respond to The Block’s request for further information.

North Korea-backed hacker groups, such as Lazarus and Kimsuky, were pegged as the actors behind some of the largest exploits in crypto, including the hacks on Harmony, Stake.com, and Coincheck. These groups often utilize cryptocurrency mixers to obfuscate the origins of funds.