- A United Nations hacker from North Korea has stolen approximately $1 billion in crypto assets, as per a U.N. report.
- The figure exceeds twice the amount of stolen funds in 2021.
- The U.S. Treasury stated that North Korea was using DeFi to launder money.
The United States Security Council’s annual report shows that North Korea has allegedly acquired nearly $1 billion in cryptocurrencies. According to the report, the estimated value of the theft ranges from $630 million to over $1 billion. This is double the amount that was stolen in 2021.
Rise in Crypto-Hacks
According to a report by the Security Council, North Korea stole roughly $1 billion in crypto. The entire amount is double what was stolen in 2021. Recently, the United States Treasury stated that North Korea was using DeFi to launder money.
Numerous industry reports suggest that North Korea implements sophisticated crypto crime techniques. Regarding this new trend, the report says:
“(North Korea) applied increasingly sophisticated cyber techniques to gain access to digital networks involved in cyber finance and to steal potentially valuable information, including for its weapons programs…”The techniques implemented by cyber threat attackers have become more sophisticated, making it more difficult to track down stolen funds.”
The report urges the participating countries to adopt money laundering prevention guidelines. Interestingly, the panel revealed that an investigation has been opened into the apparent export of military communications equipment to Russia. North Korea strongly rejects committing any wrongdoing, but sanctions continue to build.
North Korea uses DeFi to Launder Money
The Treasury of the United States has additionally addressed illicit financial activity in the DeFi space. In a press release dated April 6, the department stated that North Korea was laundering money using DeFi.
It acknowledges the “potential benefits associated with DeFi services” but highlights the necessity to address money laundering risks. It requests that the private sector use its assessment to take action against any illicit financial activity.
Crypto Firms Were Targeted By Hackers
Hackers from North Korea have targeted crypto companies. The breach of the VoIP application 3CX resulted in the infiltration of several crypto companies by hackers. The software is being used by approximately 600,000 companies.
Ultimately, hackers use the supply chain breach to infect systems with more malicious software. Since it is evident that the country will continue its cyber operations, both crypto companies and governments have legitimate concerns.
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