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North Korean hackers could have possibly stolen as much as $1 billion in cryptocurrencies last year, a record-breaking amount for the Hermit Kingdom led by dictator Kim Jong Un, according to a confidential UN report.
What Happened: The UN report, seen by Reuters, shows that North Korean-linked hackers are responsible for a massive crypto asset heist worth between $630 million and more than $1 billion. The wide variation is due to wild swings in cryptocurrency prices in recent months.
These cyber thieves reportedly targeted networks of foreign aerospace and defense companies last year.
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The latest UN report provides a stark warning about the sophistication of cyber-attacks, revealing that it has become more difficult to trace stolen funds than ever.
"[North Korea] used increasingly sophisticated cyber techniques both to gain access to digital networks involved in cyber finance and to steal information of potential value, including to its weapons programs,” according to the UN report.
Cybercriminals had a record-breaking year in 2022, stealing an estimated $3.8 billion in digital assets, according to report from blockchain forensics firm Chainalysis earlier this month.
On a June day alone last year, hackers stole $100 million worth of cryptocurrencies, including Ethereum (CRYPTO: ETH), Wrapped Bitcoin (CRYPTO: WBTC) and Binance Coin (CRYPTO: BNB) from the Horizon Bridge.
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