UN official says crypto makes cybercrime fighting harder

A United Nations (UN) official has said that cryptocurrencies make global efforts to fight cybercrime “significantly” harder, due to their pseudonymous nature.

Neil Walsh, chief of the cybercrime and anti-money laundering section of the UN's Office on Drugs and Crime, made the comments in an interview with Australian Broadcasting Corporation (abc.net.au) on Thursday.

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Walsh warned that criminals include global child sexual exploitation networks, which are more widespread than much of the public understands.

Earlier this month, the UN said that North Korea has collected an estimated $2 billion by hacking cryptocurrency exchanges and financial institutions to fund its nuclear programs.

South Korea was hit hardest from North Korean cyberattacks, the intergovernmental organization said, adding that it is currently investigating 35 North Korea cyberattacks in 17 countries.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.