UN Report: “North Korea Raised Over $2 Billion USD in Cryptocurrency and Fiat Currency Hacks for Nuclear Missions”

Cryptocurrency exchanges and banks losing money to North Korea hackers to fund for their nuclear missions, a confidential U.N report states.

In an exclusive research report published on Reuters from an exclusive U.N report, North Korea is said to have obtained over $2 billion USD in cyberattacks aimed at exchanges and banks to fund for their weapons program. The document – presented to the Security Council – claims the country:

“used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.”

There has been increasing cases of cryptocurrency exchanges hacks in 2019 and a huge portion of this money may be going to Pyongyang’s missile and nuclear missions. The report further confirms that the country launders the proceeds back into the cyber space.

Who Are The Hacking Actors?

According to the U.N report, the Reconnaissance General Bureau, the intelligence wing keeping secret missions, is the leading body in the cyberspace crime. The report further writes that the bureau,

“Raises money for its WMD (weapons of mass destruction) programmes, with total proceeds to date estimated at up to two billion US dollars,”

Despite the continued focus on the regulation of the cryptocurrency space across the world, it seems enough is not being done. The report states that North Korean hackers picked on the cryptocurrency exchanges as they:

“are harder to trace and subject to less government oversight and regulation [than legacy financial systems].”

The country tested three short-range missiles program in the past week despite talks with U.S President Donald Trump earlier this year to denuclearize.

Earlier in June reports of Russian hackers being responsible for one of the largest heists – Coincheck’s $500 million USD hack – dissolved the stories surrounding North Korea being responsible.

With the recent reports however emerging from the U.N confidential report and sanctions biting the country, my guess wouldn’t be far from North Korea having a hand in the hack.

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