3 Billion Dollar Cryptocurrency and North Korea Report from the United Nations (UN)

United Nations (UN) sanctions monitors are currently investigating 58 suspected cyberattacks presumed to have been carried out by North Korea. It is reported that approximately 3 billion dollars were collected in these attacks that took place between 2017 and 2023.

The funds are believed to have been used to further develop North Korea’s nuclear weapons program, according to excerpts from an unpublished UN report reviewed by Reuters.

The Democratic People’s Republic of Korea (DPRK), the official name of North Korea, continues to defy Security Council sanctions. A panel of independent sanctions monitors told a Security Council committee that North Korea is further developing nuclear weapons and producing nuclear fissile materials. North Korea’s last known nuclear test took place in 2017.

Observers also reported that Pyongyang has continued to launch ballistic missiles, placed a satellite in orbit and added a “tactical nuclear attack submarine” to its arsenal.

North Korea is banned from conducting nuclear tests and launching ballistic missiles by the 15-member Security Council. North Korea has been subject to UN sanctions since 2006, which the council has repeatedly increased to cut off funding for its development of weapons of mass destruction (WMD).

The panel is investigating 58 suspected cyberattacks by the DPRK against cryptocurrency-related companies. These attacks, worth approximately $3 billion, reportedly helped fund North Korea’s development of weapons of mass destruction.

*This is not investment advice.