North Korea used $3 billion of stolen crypto to develop weapons of mass destruction, report says

According to the United Nations Security Council, this cryptocurrency has been stolen and used in weapons development in the last seven years.

A new study has revealed that crypto companies and wealthy individuals are being defrauded by North Korean hackers on social media. The money was reportedly used for weapons development, according to the United Nations.

Internet 2.0 co-founder and former Australian Army Intelligence Officer David Robinson discussed these applications in an interview with Sky News.

“Consumers are at great risk from North Korean hackers,” Robinson said. “According to the UN, they have stolen $3 billion so far.”

The UN Security Council sanctions committee investigated 97 suspected North Korean cyberattacks on cryptocurrency companies between 2017 and 2024, totaling $3.6 billion.

These hackers stole funds from crypto platforms, consumers, and high-profile individuals using crypto for business transactions. Chainalytics estimates that North Korean hackers stole $400 million in 2021, mostly Ethereum (ETH).

New hacking techniques

In May, reports emerged that North Korean hackers were using a new malware variant called “Durian” to target cryptocurrency companies in South Korea.

In a May 9 threat report, cybersecurity firm Kaspersky revealed that North Korean hacking group Kimsuky used malware in specific attacks against two cryptocurrency companies. These attacks used only original security software used by South Korean crypto firms.

Social media

North Korean hackers use social media to create fake profiles of celebrities or professionals to promote crypto dumps, scam schemes and phishing links. They use classic crypto scam techniques, such as malicious links via messages or comments that lead to websites imitating crypto exchanges.

Cooperation with Russia

Blockchain analysts reported that cooperation between Russia-based crypto exchanges and North Korean hacking groups has increased since 2021, as international monitoring has disrupted North Korea’s on-chain activities.

Chainalytics revealed that these groups often use Russian exchanges to launder cryptocurrencies stolen from various platforms.