UN Investigates $3 Billion North Korean Cyberattacks on Cryptocurrency Firms
Cybersecurity analysts at the United Nations are set to publish a detailed report on crypto firms in February or March this year. The report is going to account for the total cyber security incidents reported during the last few years, its total impact, and its source of origin.
As per media reports, the UN report is specific to all the hack attacks carried out by hackers hailing from North Korea. The report accounts for all attacks taking place during the last 6 years accounting for around $3 billion in losses from the blockchain sector.
Reuters published an article covering the upcoming report taking reference from UN documents. The article reported that a privately sanctioned committee is supervising the incident now related to DPRK-backed cyberattacks.
These groups have been linked with 58 attacks launched against various cryptocurrency firms. The report suggests that hackers use the proceeds from their attacks to fund the weapon of mass destruction (WMD) program that remained operational between 2017 and 2023.
The report stated that the panel of independent investigators is collecting data regarding 58 cybersecurity attacks on various cryptocurrency firms. The attacks on these firms for the aforementioned duration have led to an aggregate loss of $6 billion.
This amount has been forwarded to fund the WMD program operating under DPRK regime. On this account, UN officials intend to publish a report on the matter in the next two months.
DPRK to Receive Criticism Regarding Its Hack Attack Links
The broader cryptocurrency community has reprimanded DPRK-based hacking groups for allegedly targeting various blockchain projects. A Chainalysis report published in 2023 noted that hackers managed to siphon around $1 billion in cyberattacks from 20 different hack jobs. T
The report has noted that in comparison to 2022, there was a visible decline in the total number of cryptocurrency attacks originating from North Korea. On this account, the year witnessed $1.7 billion in losses from 15 different hacking incidents related to the DPRK-based hacking groups.
Another blockchain intelligence firm, TRM Labs, has projected that the current year is likely to indicate a renewed wave of cyberattacks against crypto projects noting that hackers now have upgraded equipment and skills in comparison to previous years.
The report over the years, cryptocurrency projects have incorporated advanced measures and checks against cyberattacks. At the same time, various crypto projects have started to establish a strong communication network at an international scale to share the latest updates and details regarding increasing cyber threats.
However, analysts have warned investors that hackers have also found ways to intercept the latest shields against cyberattacks resulting in the projection of accelerated attacks from one of the most notorious cybercrime syndicates in the world.
In the same vein, another UN report on Drugs and Crime issued a warning against the increasing usage of cryptocurrencies in illegal businesses happening in East and Southeast Asia.
UN Report Raises Alarm Over Tether Usage Among Money Launderers
Another caustic report published by the UN in January 2024 has highlighted Tether as one of the top cryptocurrencies favored by money launderers. The report suggests that the Tether-based stablecoin project USDT has gained immense popularity among money laundering businesses and financial scammers operating out of South East Asia.
Pig-Butchering Scams
The pessimistic statement regarding Tether was part of the UN’s report on Drugs and Crime. As per this report, USDT has been identified as the heart of a new type of scam called pig-butchering.
This scam is a type of false romance trap that aims to gain the trust of a victim to incite them to invest in a new opportunity using cryptocurrencies. The report insinuated that money-laundering rings in South East Asian countries such as illegal casinos have specialized in underground USDT to conduct illegal transactions.
UN’s spokesperson for the Office of Drugs and Crime, Jeremy Douglas told the Financial Times that organized crime syndicates are trying to create a parallel baking network by leveraging new forms of technologies such as Tether.
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