The United Nations (UN) is taking action against North Korea’s alleged use of cryptocurrencies by launching an investigation into hacking groups linked to the country. These groups are accused of launching cyberattacks on cryptocurrency companies over the past six years, collecting a staggering $3 billion in stolen funds to allegedly support its weapons of mass destruction (WMD) program.

The investigation, overseen by an independent UN sanctions committee, examines 58 cyberattacks targeting cryptocurrency companies between 2017 and 2023. The stolen funds, estimated at $3 billion, reportedly play a crucial role in funding North Korea’s WMD development, raising international concerns about its nuclear and missile programs.

The move comes after North Korean hacking groups reported stealing nearly $1 billion worth of cryptocurrency from 20 hacks in 2023. While that figure is down from the $1.7 billion stolen in 2022, blockchain analytics companies warn of a worrying trend. They predict even more sophisticated and devastating attacks in 2024, which could lead to even greater financial losses for cryptocurrency companies.

“Despite improvements in cybersecurity measures implemented by exchanges and increased international cooperation to track and recover stolen funds, 2024 is likely to see more devastation from the world’s most prolific cyber thief,” warns TRM Labs, a company specializing in blockchain analysis.

The UN Office on Drugs and Crime recently highlighted the abuse of cryptocurrency in illegal economies emerging in East and Southeast Asia. Unregulated or illegal casinos and romantic “pig cutting” scams are reportedly flourishing in the Mekong region, raising concerns about the potential use of cryptocurrencies in criminal activity.