North Korea has been getting lots of funds by carrying out cyber attacks on cryptocurrency platforms, according to a UN report. The document suspects that money from these cyber attacks is being used to fund its missile and nuclear programs.
Reported by the Sanction Monitoring Agency
North Korean hackers have targeted several crypto platforms and financial institutions. The confidential annual edition report prepared by the UN was cited by Reuters. The report has been prepared by the independent sanction monitoring agency members. It was submitted on Friday to the sanction committee of the Security Council overseeing enforcement of sanctions on North Korea. According to the report, cyber attacks on cryptocurrency and other financial assets remain a big revenue generator for NK.
Reported $400 Million Loss of Digital Assets
The report provides more details with one member state saying that the North Korean hackers have stolen over $50 million from 2020 to mid-2021. The assets were stolen from 3 cryptocurrency exchanges in Europe, Asia and North America. A recent Chainalysis report quoted in this document had revealed how Pyongyang launched 7 attacks in 2021 on crypto exchanges and stole digital assets worth $400 million. The blockchain analytics firm in January had explained that attacks were carried out mainly on centralized exchanges and investment firms.
The UN in 2019 had warned that NK had used sophisticated cyber attacks to accumulate $2 billion. A big part of this fund is being used by the country to fund its weapons programs, according to the UN report. The country has continued to develop its nuclear fissile material capability even under strict sanctions.