North Korea Stole Record Amount of Crypto Assets in 2022, UN Report Unveils

According to a draft UN report, the regime in North Korea managed to steal more cryptocurrency last year than in any previous year. Despite the difference between the cited estimates, the authors conclude that 2022 was a record-breaking year for crypto theft, which was to be blamed on the Hermit State.

Cybercrime Groups Linked to North Korea Receive Over $1 Billion in Crypto Worth a Year

According to a UN report, which is to be released by the end of this month or early March, North Korea has stolen more crypto assets in 2022 than in any other year. The draft paper, seen by Reuters and Nikkei Asia, shows how the isolated country is raising funds by bypassing cyberattacks and international sanctions.

The document, which is still classified at this time, was presented to the UN Security Council’s Committee on North Korea Sanctions on Friday. The findings are based on information provided by UN member states and cyber security firms.

Its authors make different estimates. One produced by South Korea shows that hackers controlled by Pyongyang obtained $630 million worth of crypto during the study period, while one cyber security company has assessed that the virtual money they received has exceeded $1 billion. In any case, independent sanctions monitors believe that:

A higher value of crypto assets was stolen by DPRK actors in 2022 than in any previous year.

One-tenth of total theft from South Korean accounts

The variation in cryptocurrency’s US-dollar equivalent in recent months is likely to affect these estimates, with the report noting that both estimates indicated that 2022 would be the year of crypto theft linked to the Democratic People’s Republic of Korea (DPRK). It was a record-breaking year for ,

A similar conclusion stems from data compiled by Chainalysis. Last week, the US-headquartered blockchain forensics firm said that hackers linked to North Korea, such as members of the Lazarus Group, have been particularly active in the past year, having stolen roughly $1.7 billion worth of coins.

Seoul-based daily Chosun Ilbo gave this information quoting intelligence officials. wrote About 10% of the total amount has been withdrawn from the accounts of South Korean companies and individuals on Tuesday. It also commented that the money was believed to have been laundered and used to finance the North’s nuclear and missile development programmes.

Sanctions monitors said most of the cyberattacks were carried out by hacking teams controlled by the DPRK’s Reconnaissance General Bureau, the communist state’s main intelligence agency. In addition to Lazarus, these include groups such as Kimusuki and Andariel. The UN report also states that the techniques they are using are becoming more sophisticated which impede tracking.

Do you think actors linked to North Korea will steal even more cryptocurrency in 2023? Share your thoughts on this topic in the comment section below.