North Korea likely stole over US$2 billion in cryptocurrency last year: U.S. official

North Korea likely stole over US$2 billion in cryptocurrency last year, a U.S. official said Monday, amid growing concerns that its revenue from virtual asset heists continues to bankroll its nuclear and ballistic missile programs.

Jonathan Fritz, principal deputy assistant secretary at the State Department’s Bureau of East Asian and Pacific Affairs, delivered a presentation during a U.N. meeting on a Multilateral Sanctions Monitoring Team (MSMT) report detailing the North’s sanctions violation and evasion through cyber and information technology (IT) worker activities.

The MSMT was established after a U.N. expert panel, tasked with monitoring sanctions enforcement, was disbanded in April 2024 due to Russia’s veto of a resolution to extend its mandate. It consists of 11 countries, including South Korea, the United States, Japan, Australia and Canada.

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