North Korean Hackers Wiped-Out $3B- Unpublished Report of the UN

The United Nations (UN) has been conducting constant investigations on the groups connected with the Democratic People’s Republic of Korea for handling cyberattacks over the centralized digital asset trading firms over the last six years, gathering a profit of around $3 Billion. 

A recent report by Reuters mentioned unpublished UN documents that an autonomous sanction committee oversees the investigation into the DPRK-linked hacking groups. It is claimed that the bad actors have made victims of approximately 58 crypto companies.  

“The panel is investigating 58 suspected DPRK cyberattacks on cryptocurrency-related companies between 2017 and 2023, valued at approximately $3 billion, which reportedly help fund DPRK’s WMD development,” the report quotes.

The United Nations is expected to release its detailed report on the issue in two months. However, these groups of bad actors have faced severe scrutiny recently.

Compared to the previous year, the number of hacks/scams and cyberattacks decreased in 2023, although the cryptocurrency sector lost around $1.7 Billion in 2022 in the exploits linked to North Korean hackers. 

TRM Labs highlighted that 2024 is expected to see more disastrous events as the older technologies used by hackers have been upgraded as per technological advancement. 

The firm adds, “Despite notable advancements in cybersecurity among exchanges and increased international collaboration in tracking and recovering stolen funds, 2024 is likely to see further disruption from the world’s most prolific cyber-thief.” 

Constant Cyberattacks a Bane for Crypto

In the past few quarters, hackers worldwide have troubled almost every industry, and crypto is one of the most affected. Every year, hackers succeed in wiping Billions of dollars out of space.

The evolving nature of these nascent technologies has been attributed as one of the reasons for exploits. After analyzing the available data, it is clear that most hacking groups use mixers to avoid the leakage of location and other information.      

Crypto Market Post Bitcoin ETF Approval 

The hype of Bitcoin (BTC) spot ETF has driven the BTC price high, but soon after securing a green signal from the US SEC, a sudden decline in the market capitalization and trading price of BTC was observed.

In the last 24 hours, the market capitalization of the sector reached $1.78 Trillion. When writing, BTC traded at $47,138 with an intraday growth of 1.09%. 

Similarly, the market’s second most talked about and influential token, Ethereum, grew 7.68% in the past seven days and is trading at $2,490.

Disclaimer

The views and opinions stated by the author or any people named in this article are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages ​​and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.