UN Report Details Record-Breaking Crypto Thefts by North Korea in 2022

A draft UN report has exposed that the North Korean regime stole more cryptocurrency in 2022 than ever before. Despite the difference in the quoted estimates, authors conclude that this was a record year for crypto theft, which can be attributed to the hermit state.

Cybercrime teams linked to the FBI seize more than $1 billion worth of digital assets in one year

As per the report, more crypto assets were stolen in 2022 than any other year. The United Nations draft document, seen by Reuters and Nikkei Asia, is due to be released in the middle of this month, or even earlier in March. It is largely based on data provided by UN member countries and cyber security firms.

The estimates given by authors vary widely. One, produced by South Korea, suggests that the crypto they obtained was worth $630million, while a cybersecurity agency estimated that it was more than $1billion. In any event, independent sanctions monitors envisage that:

DPRK actors stole more cryptocurrency assets in 2022 than in any other year.

Tenth of the total was stolen from South Korean accounts

The US Dollar equivalent of cryptocurrency in the current months may have affected these estimates. Nonetheless, both estimates indicated that 2022 was a record year. It is believed that the theft of cryptocurrency-related funds by the Democratic People’s Republic of Korea (DPRK) was responsible.

Similar conclusions can be drawn from the data collected by Chainalysis. This week, the US-based agency for blockchain forensics noted that North Korea-linked hackers, similar to members of the Lazarus Group, have taken around $1.7 billion, in addition to cash.

Citing intelligence authorities, Seoul-based Chosun Ilbo Daily wrote on Tuesday that about 10% of the total was taken from South Korean accounts. The money may also have been used to finance the infamous nation’s nuclear and missile developments.

Sanctions monitors suggested that many cyberattacks were carried out by hackers managed by the DPRK’s General Reconnaissance Office, the communist state’s top intelligence agency. In addition to Lazarus, these also include teams such as Kimsuky and Andariel. The UN report further noted that the techniques employed by the DPRK have become more refined and difficult to trace.

Do you think North Korean-linked actors are likely to steal more cryptocurrency in 2023? Share your thoughts on the subject in the comments section below.