UN Says North Korea Funded Nuclear Weapons With Crypto Hacks in 2020: Report

In recent months, North Korea has stolen over $300 million worth of Bitcoin and other cryptocurrencies via hacking and other sorts of mass cyberattacks. The objective is to fund the isolated state’s illegal nuclear and ballistic missile activities, according to a recent report by France24, quoting a confidential United Nations dossier. Today, that reported is […]

In this episode, Anna Baydakova and Danny Nelson discuss North Korea reportedly stealing your crypto to create nuclear weapons, Tesla rattling markets at an opportune time and Nigeria trying to ban crypto.

A preliminary report from a United Nations inquiry suggests North Korea is using the proceeds from crypto hacks to funds its weapons programs. The United Nations has accused the North Korean state of stealing $281 million worth of crypto from an exchange during September 2020.According to Reuters, the findings from a “confidential report” authored by independent sanctions monitors for U.N. Security Council members “strongly suggests” links between the hack’s perpetrators and the North Korean regime. Reuters quoted the report:“Preliminary analysis, based on the attack vectors and subsequent....

Cyberattacks on cryptocurrency exchanges have been a major source of funds for North Korea in the past year, a United Nations report has unveiled. According to the document, the sanctioned nation has also been developing its nuclear and missile programs. North Korea Hits Cryptocurrency Exchanges, Sanctions Monitors Say Hackers controlled by the Democratic People’s Republic of Korea (DPRK) have continued to target financial institutions and crypto platforms such as exchanges, Reuters reported citing a confidential U.N. report. Its annual edition, produced by independent sanctions....

The recent plunge in the value of cryptocurrencies may have wiped out millions from North Korea’s fund comprised of stolen crypto assets. The diminishing value of cryptocurrencies is believed to be affecting Pyongyang’s ability to fund its weapons programs. Stolen Crypto Assets and North Korea’s Weapons Programs The recent crash of the crypto market may have wiped out millions of dollars in value from North Korea’s fund of stolen cryptocurrency, digital asset investigators have said. The drop in value of the crypto assets could supposedly threaten....