March 21, 2024
About half of North Korea's foreign currency income comes from cyberattacks, including on cryptocurrency companies. Yonhap writes about this with reference to a report by the UN Security Council.
UN: Half of North Korea's foreign currency income comes from cyberattacks
https://osint-ukraine.blogspot.com/2024/03/un-half-of-north-koreas-foreign.html
According to the organization’s calculations, from 2017 to 2023, North Korean hackers caused damage equivalent to $3 billion. These funds were subsequently used to finance the development of weapons of mass destruction.
These estimates are consistent with previously presented calculations by Recorded Future specialists , as well as with the conclusions of The Wall Street Journal .
Although the UN report itself does not have legal force, the global security body may impose additional sanctions on North Korea, the Nikkei newspaper writes .
Let us remind you that, according to Chainalysis, attacks by hackers from the DPRK on the crypto market in 2023 became less profitable . As a result of last year's 20 hacks, attackers stole about $1 billion worth of digital assets, while 15 cyberattacks in 2022 brought them $1.7 billion.
The equivalent of $47 million was found on the crypto wallets of one of the most active North Korean hacker groups, Lazarus Group .
Title: Impact of Cyberattacks on North Korea's Economy: Analytical Overview
Annotation: This report delves into the significant role of cyberattacks, particularly on cryptocurrency companies, in contributing to North Korea's foreign currency income. Drawing from a UN Security Council report, it highlights the extent of damage caused by North Korean hackers over the years and the subsequent diversion of funds towards the development of weapons of mass destruction.
Hashtags: #NorthKorea #Cyberattacks #Cryptocurrency #UNReport #GlobalSecurity #Sanctions #EconomicImpact #LazarusGroup #RecordedFuture
Conclusion: The findings underscore the alarming dependence of North Korea on cyberattacks for generating foreign currency income, emphasizing the detrimental impact on global security. While efforts have been made to mitigate these attacks, the persistent threat posed by groups like the Lazarus Group warrants continued vigilance and potential imposition of additional sanctions by international bodies.
Keywords: North Korea, cyber warfare, cryptocurrency attacks, UN Security Council, economic sanctions, global security, weapon proliferation, Lazarus Group
Links: Original Article on ForkLog, UN Security Council Report, Recorded Future Analysis, The Wall Street Journal Article, Chainalysis Report, Nikkei Newspaper
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