North Korea Stole $2 Billion in Crypto and Fiat to Fund Weapons Program

North Korea has raised around $2 billion from stealing Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term and fiats to fund its weapons of mass destruction, a confidential United Nations report revealed.

“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 US dollars,” the report stated.

Reported by Reuters on Monday, the report was researched by independent experts and was submitted last week to the UN Security Council North Korea sanctions committee.

“[North Korea] used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income,” the UN report stated.

Furthermore, the sophisticated nature of the attacks allowed the country “to generate income in ways that are harder to trace and subject to less government oversight and Regulation Regulation Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Like any other industry with a high net worth, the financial services industry is tightly regulated to help curb illicit behavior and manipulation. Each asset class has its own set of protocols put in place to combat their respective forms of abuse.In the foreign exchange space, regulation is assumed by authorities in multiple jurisdictions, though ultimately lacking a binding international order. Who are the Industry’s Leading Regulators?Regulators such as the UK’s Financial Conduct Authority ( Read this Term than the traditional banking sector.”

It also detailed that hackers used web-based services to launder the extorted money from the crypto exchanges and banks.

The report also outlined that the experts are investigating “at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity designed to earn foreign currency” in around 17 countries.

State-sponsored attacks on crypto exchanges

North Korea-based hacker groups were accused many times of attacks on crypto exchanges. Earlier this year, a media report claimed that North Korean hackers were using phishing tactics to steal crucial information of the clients of South Korean crypto exchange UpBit.

The communist state-sponsored hackers were also allegedly involved in the attack on Coincheck, which resulted in the theft of $534 million in digital tokens.

Finance Magnates earlier reported that an infamous North Korean hacker group evolved tactics to attack digital asset exchanges, using sophisticated malware.

“We call upon all responsible states to take action to counter North Korea’s ability to conduct malicious cyber activity, which generates revenue that supports its unlawful WMD and ballistic missile programs,” a US State Department spokeswoman told Reuters.