According to the UN Security Council, approximately half of North Korea’s foreign exchange gains come from cyberattacks. As to a UN assessment, bitcoin enterprises were the target of 58 suspected cyberattacks that occurred between 2017 and 2023.
The UN figure is consistent with previous estimates made last year by a senior Biden administration official, who indicated that cyberattacks accounted for around half of North Korea’s foreign currency income.
North Korean cyberattacks led in losses of $3 billion. The diverted money were subsequently used to cover approximately 40% of the costs associated with producing weapons of mass devastation.
The research highlights the severity of North Korea’s cyber program while also highlighting the country’s significant investment in weapon systems as ritually exposed to illicit activities. As it is, this estimate may result in global steps against cybercrime and tougher regulation of the cryptocurrencycurrency business.
The research identifies North Korean-backed hacker groups, such as Lazarus and Kimsuky, as the perpetrators of several key Bitcoin exploits. These groups have been linked to high-profile attacks on platforms including Harmony, Stake.com, and Coincheck.
The digital space is becoming more intense by the day, and stakeholders must prioritize robust security measures and engage with authorities to manage risks and prevent malevolent actors from leveraging developing technologies for nefarious purposes.
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