Crypto Thefts Remain Key Revenue Source For North Korea

Crypto thefts remain a key revenue source for North Korea this year as well as the last one so let’s read more about it in today’s latest cryptocurrency news.

Cyber attacks on the crypto exchange have been a huge source of funds for North Korea as per the United Nations report so according to the document, the nation has been developing its own missile and nuclear programs. The hackers controlled by the Democratic People’s Republic Korea are still targeting financial institutions and crypto platforms like exchanges but Reuters cited a confidential UN report and in the annual edition, produced by independent sanctions monitors claims:

“Cyberattacks, particularly on cryptocurrency assets, remain an important revenue source [for DPRK].”

The report further detailed that accoridng to a member state, the DPRK cyberactors stole up to $50 million between 2020 and 2021 from three crypto exchanges in North America, Asia, and Europe. The monitors quote an estimate by Chainalysis that revealed that the regime in North Korea launched no less than seven attacks on crypto companies resulting in the theft of almost $400 million in digital assets. The blockchain analysis company explained:

“These attacks targeted primarily investment firms and centralized exchanges.”

Back in 2019, the UN sanctions monitors announced that North Korea accumulated about $2 billion in sophisticated cyberattacks and the digital money was used to finance weapons of mass destruction programs as the report noted:

“Although no nuclear tests or launches of ICBMs [intercontinental ballistic missiles] were reported, DPRK continued to develop its capability for production of nuclear fissile materials.”

The authors of the report are convinced that the maintenance and development of the nuclear missile infrastructure haven’t stopped. They also pointed out that the country has been under UN sanctions since 2006 and accelerated its missile testing having carried out nine launched only in January whcih is the highest number up to date.

As recently reported, The hackers in North Korea stole $400 million in Bitcoin and Ethereum in 2021 and the country is still holding about $170 million worth of stolen crypto according to research company Chainalysis. The hackers in North Korea launched more than seven attacks against crypto platforms last year. These attacks according to Chainalysis, netted about $400 million worth of digital assets.