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U.N. Report: North Korea netted $2 Billion in Cryptocurrency from exchanges to Fund Weapons Programs

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A panel monitoring United Nations sanctions has found out that North Korea has stolen almost $2 billion by illegally hacking cryptocurrency exchanges and banks.

Reuters was one of the mainstream media outlets that revealed this confidential report on Aug. 5, showing that the U.N. Security Council North Korea sanctions committee found that the hacking was geared towards providing funds to the government.

The following is an excerpt of the report that Reuters quoted:

“Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programs, with total proceeds to date estimated at up to two billion U.S. dollars.”

In most investigations about attacks on neighboring Asian countries exchanges, Pyongyang regularly emerged as the main suspect.

Specifically, one of the notorious groups in carrying out malign activities in many countries of the world is the Lazarus Group.


Evading sanctions

Even though the specific target has turned out to be South Korea, hackers who masqueraded as UpBit (major trading platform) conducted the most recent event that involves a phishing email scam.

In addition, since there is no progress in the talks, the FBI reiterated that the U.N. would take the position of its report that North Korea is stealing money to counter the international sanctions effects.

The U.N. concluded that it urges states to take measures that would counter North Korea’s malicious cyber activity which is used to finance unlawful ballistic missile and WMD programs.

Sources: https://cointelegraph.com/news/north-korea-stole-2-billion-in-cryptocurrency-from-exchanges-says-un
https://www.coindesk.com/north-korea-stole-2-billion-in-crypto-and-fiat-to-fund-weapons-programs

About the author

James Lovett

James Lovett

James is a passionate writer on cryptocurrency industry and other disruptive technologies in the crypto world. He has written several crypto articles for numerous websites and blogs over the years.

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