North Korea stole record crypto assets and currencies in 2022: UN report

The rogue nation of North Korea stole more cryptocurrency assets in 2022 than any other year, a recent report by United Nations has revealed. Most of the money stolen was used to support its ballistic missile and weapons of mass destruction programmes.

The report asserted North Korea-linked hackers stole virtual assets worth $630 million while its cyber currency heist stood at a whopping $1 billion.

"(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 programmes," read the UN report.

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"A higher value of cryptocurrency assets was stolen by DPRK actors in 2022 than in any previous year," added the report which was submitted to the 15-member North Korea sanctions committee.

Gravitas Plus: How does North Korea finance its missile tests?

Ostracised by most countries across the globe, North Korea is a pariah state where the authoritarian regime of Kim Jong Un uses almost all the revenue for its missile programmes instead of public welfare.

However, with no major avenue availableto bring in the money, stealing cryptocurrency and virtual assets has emerged as a promising option over the years.

Earlier this year, the Federal Bureau of Investigation (FBI) informed that North Korean actors were behind the $100 million heist at crypto firm Harmony's Horizon bridge that took place in June 2022.

Read more: North Korea behind crypto heist that happened in June last year: FBI

In December 2022, South Korean intelligence agencies said North Korean hackers had stolen an estimated $1.2 billion in bitcoin and other virtual assets over the previous five years, with more than half of it happening in the said calendar year.

Despite the hefty sanctions imposed by several countries as well as the UN, North Korea's missile programme has continued unabated.

Last year, the country fired a record number of ballistic missiles, comfortably overtaking its combined tally of four and eight missiles tested in 2020 and 2021 respectively. N Korea broke all records when it fired as many as 23 missiles in a single day.

(With inputs from agencies)

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