A Focus On "Cashing Out": One Way to Combat DPRK's Crypto Thefts
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A Focus On “Cashing Out”: One Way to Combat DPRK’s Crypto Thefts
The sums hacked from crypto platforms by the Democratic People’s Republic of Korea (DPRK) are huge: The former UN Panel Experts on DPRK (the Panel) noted in March 2024 that DPRK stole an estimated $3 billion in 58 cyberattacks between 2017 and 2023. Figure 1 suggests that DPRK was responsible for 61% of total crypto stolen worldwide in 2024 ($1.34 billion stolen) and 16% of hacking events (47 incidents). In February 2025, the Lazarus Group stole approximately $1.5 billion of crypto from Bybit (the world’s second-largest cryptocurrency exchange, based in Dubai).[1]
The Panel considered that DPRK’s cyber-attacks on financial institutions and cryptocurrency exchanges were an evasion of financial sanctions. Furthermore, DPRK’s use of stolen proceeds is a violation of Security Council sanctions where designated individuals or entities are involved.[2]
Following a cyber heist, DPRK actors must launder proceeds to avoid tracing …
The sums hacked from crypto platforms by the Democratic People’s Republic of Korea (DPRK) are huge: The former UN Panel Experts on DPRK (the Panel) noted in March 2024 that DPRK stole an estimated $3 billion in 58 cyberattacks between 2017 and 2023. Figure 1 suggests that DPRK was responsible for 61% of total crypto stolen worldwide in 2024 ($1.34 billion stolen) and 16% of hacking events (47 incidents). In February 2025, the Lazarus Group stole approximately $1.5 billion of crypto from Bybit (the world’s second-largest cryptocurrency exchange, based in Dubai).[1]
The Panel considered that DPRK’s cyber-attacks on financial institutions and cryptocurrency exchanges were an evasion of financial sanctions. Furthermore, DPRK’s use of stolen proceeds is a violation of Security Council sanctions where designated individuals or entities are involved.[2]
Following a cyber heist, DPRK actors must launder proceeds to avoid tracing …