50% of North Korea's revenue comes from crypto scams!

Crypto is often presented as a tool for freedom and financial transparency. However, an explosive report from the United Nations has tarnished this image. It reveals that North Korea is massively exploiting crypto-assets for reprehensible and illegal purposes. A secret with serious consequences for international stability.

Crypto, an unexpected and massive source of income

An official United Nations report lifts the veil on a disturbing reality. North Korea now derives a considerable portion of its foreign currency revenue from crypto criminal activities.

The figures are alarming. Since 2017, these illicit activities have reportedly earned him more than $3 billion. Or approximately half of its total revenues in foreign currencies over this period.

The year 2023 was particularly fruitful for North Korean pirates. They allegedly stole more than $750 million in crypto in 17 separate attacks.

The techniques used are diverse and formidable. Social engineering, third-party attacks, wallet hacking… Nothing is spared by these highly organized hacker groups.

Some of the stolen funds are also laundered through crypto brokers and mixers. A sophisticated process aimed at covering the tracks.

The global implications of a destabilizing practice

This report highlights a major flaw international security. The misappropriation of cryptos by a pariah state represents a considerable danger.

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In fact, these illegal revenues are used to finance strategic programs. The regime can thus equip itself with advanced weapons and strengthen its control.

This jeopardizes denuclearization efforts and geopolitical stability. A vicious circle of escalating tensions and an arms race could begin.

Beyond that, the very integrity of the crypto ecosystem is threatened. These technologies were intended to promote financial freedom and transparency. Here they find themselves diverted for threatening purposes by an authoritarian regime.

The confidence of users and investors takes a hit. Strengthened cybersecurity countermeasures must be urgently developed to counter this growing threat.

The UN report also recommends targeted sanctions against 5 pirate groups linked to North Korea.

This UN report has the effect of a bomb. It reveals a dark side of the crypto sector, misused on a large scale by an opaque regime for its profit. Resolving this thorny question now represents a major challenge. The credibility and massive adoption of crypto-assets are at stake.

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