A UN report has revealed that cyber attacks on cryptocurrency exchanges have been a major source of funding for North Korea over the past year. According to the document, the sanctioned nation is also developing its own nuclear and missile programs.
North Korea Hits Cryptocurrency Exchanges, Sanctions Watchers Say
Hackers controlled by the Democratic People’s Republic of Korea (DPRK) continue to target financial institutions and crypto platforms such as exchanges, Reuters reported, citing a confidential United Nations report. Its annual edition, produced by Independent Sanctions and presented Friday to the Security Council’s North Korea Sanctions Committee, claims:
Cyber attacks, especially those on crypto assets, continue to be a significant source of revenue. [for DPRK],
The report further noted that according to one member state, “DPRK cyberactors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia.”
The monitor also cited an estimate from Chainalysis, which recently revealed that the regime in Pyongyang has carried out at least seven attacks on crypto companies in 2021, resulting in the theft of nearly $400 million in digital assets. “These attacks primarily targeted investment firms and centralized exchanges,” the blockchain analysis firm explained in January.
Back in 2019, UN sanctions watchers announced that North Korea had amassed an estimated $2 billion through increasingly sophisticated cyber attacks. The digital money was reportedly used to finance their weapons of mass destruction programs. His latest report notes:
Although no nuclear test or launch of ICBM [intercontinental ballistic missiles] As was reported, the DPRK continued to develop its capability for the production of nuclear fissile material.
The authors are convinced that the maintenance and development of North Korea’s nuclear and ballistic missile infrastructure has not stopped. They also point out that the country, which has been under UN sanctions since 2006, has ramped up its ballistic missile tests, making nine launches in January, the largest monthly number ever.
Do you think North Korean hackers will continue to carry out cyberattacks against cryptocurrency exchanges? Let us know in the comments section below.
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