50% of North Korea foreign currency earnings comes from cryber hacks and crypto exploits led by actors like Lazarus Group.
According to South Korea-based news agency report Yonhap, about 50% of North Korea’s foreign currency earnings are from hacks and crypto exploits.
“The malicious cyber-activities of the Democratic People’s Republic of Korea generate approximately 50 percent of its foreign currency income and are used to fund its weapons programs.” The media outlet cited a UN report, underscoring that the country’s crypto-related exploits between 2017 – 2023 amounted to $3 billion. According to the report, 40% of the illicit funds are used for developing weapons of mass destruction.
The above report confirms a previous US revelation in mid-2023 about North Korea’s foreign income from cyber theft. In June 2023, a Nikkei Asia “We’re very concerned that cryptocurrency heists, cyberattacks, are a significant source of funding for the regime in Pyongyang, and we’re concerned that about 50% of their foreign-currency earnings comes from cyber theft.”The country has been primarily linked to major DeFi hacks in 2022 and 2023. A 2023 Chainalysis report noted that the North Korea-linked Lazarus Group accounted for “US $1.7B in crypto hacks in 2022.”in early January.
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