A recent report by a United Nations (UN) Security Council's expert panel has revealed North Korea's increasing reliance on cyber theft, particularly within the crypto sector.
These illicit activities accumulate foreign currency and fund the country's weapons of mass destruction (WMD) programs.
Did you know?
Want to get smarter & wealthier with crypto?
Subscribe - We publish new crypto explainer videos every week!
What is Web3? (Animated Explanation + Examples)
According to insights from the report, shared by the Yonhap News Agency, such illicit activities are estimated to constitute about half of North Korea's foreign income and significantly support its nuclear and missile programs.
The report reveals evidence of North Korea's engagement in a wide array of cybercrimes, including 17 major crypto heists last year alone, leading to losses exceeding $750 million.
This forms part of an ongoing investigation into 58 suspected cyberattacks from 2017 to 2023, cumulatively valued at around $3 billion. The report also added:
One cybercompany branded the DPRK the world's most prolific cyber-thief.
In parallel with its cyber operations, North Korea has also persistently breached UN Security Council sanctions by advancing its nuclear and missile programs.
Moreover, the report documents North Korea's endeavors to enhance its ballistic missile technology through various missile tests and the development of a so-called ballistic missile submarine.
As the international community digests these findings, the spotlight is increasingly on collaborative efforts to thwart North Korea's cybercriminal activities while curbing its nuclear and missile ambitions.
In other news, the UN has also reported on crypto usage in underground banking and other illicit activities, naming Tether (USDT) as a key instrument for money laundering, which Tether strongly refuted.
