North Korea steals $ 2 billion in cryptocurrencies from exchanges

North Korea steals $ 2 billion in cryptocurrencies from exchanges

The UN Security Council publishes a report twice a year to a UN committee which is in charge of enforcing sanctions on North Korea.

The report strongly blames different countries and institutions that failed to implement regulations and financial sanctions on their blockchain, cryptocurrency and monetary systems.

Citing the report, Reuters said that the stolen funds are meant to finance the country's weapons of mass destruction (WMD) programs.

North Korea has earned around $2 billion dollars through what has been said "large-scale cyber-attacks" to help fund its government's weapons programs, a United Nations (UN) panel has alleged in a report. North Korea continues to procure funding for weapons and luxury goods through a number of sophisticated methods.

Experts say Trump's downplaying of the North's weapons display has allowed the country more room to advance its military capabilities as it attempts to build leverage ahead of negotiations, which could possibly resume sometime after the end of the allies' drills later this month.

The North Korean mission to the United Nations did not respond to a request for comment on the report, which was submitted to the Security Council committee last week. According to the report, these cyber actors are operating under the direction of the Reconnaissance General Bureau - North Korea's top military intelligence agency.

According to the report, which was compiled by experts over the past few months, North Korea thus far has made upwards of $2 billion via a number of schemes created to "steal funds from financial institutions and cryptocurrency exchanges".

North Korea launched two missiles on Tuesday, the fourth such launch in less than two weeks.

The cryptocurrency has been stolen, among other things, by the hackers known as the Lazarus Group.

"Hard currency has its own value, and with poorly regulated crypto exchanges sitting there as soft targets. that's why UNODC have been equipping countries through their anti-cybercrime and money-laundering initiatives to plug the hole", he says. The U.S. grievance was made public in June. There have been some high-profile cryptocurrency exchange heists including a hack reported last month by Tokyo-based Remixpoint, which runs the BITPoint exchange, causing the loss of 3.5 billion yen, or $32 million, worth of virtual money.

Related Articles