Technology
UN: North Korea missile program funded by stolen cryptocurrency
Pyongyang’s cyberattacks stole more than $50 million in digital assets between 2020 and mid-2021 according to a report submitted to the UN’s sanctions committee. Another study suggests North Korea may have stolen as much as $400 million.
February 9, 2022 3:25pm
Updated: February 10, 2022 12:31pm
Cryptocurrency stolen by North Korean hackers are an “important revenue source” for the country’s nuclear and ballistic missile program, investigators for the United Nations said on Friday.
Pyongyang’s cyberattacks stole more than $50 million in digital assets between 2020 and mid-2021 from at least three cryptocurrency exchanges in North Amerca, Europe and Asia, according to a report submitted to the UN’s sanctions committee.
This is a lower estimate than other reports. A study published last month by security firm Chainalysis suggested North Korean hackers may have stolen as much as $400 million worth in digital assets in 2021.
And in 2019, the UN estimated Pyonyang had accumulated $2 billion for its weapons programs via cyberattacks.
North Korea began ramping up missiles testing despite crippling sanctions against the “Hermit Kingdom,” which has been banned from carrying out nuclear and missiles tests by the UN Security Council.
The report points to hacking as the main means through which North Korea can continue developing its nuclear and ballistic missile infrastructure – through the theft of outside research and cryptocurrency to fund it – even as the general population suffers under UN sanctions.
China and Russia refused to sign onto a statement condemning North Korea’s accelerating missile launches on Friday.
