Cryptocurrency Theft Remains Key Revenue Source for North Korea, UN Report Says
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....
Related News
But the threats by North Korea extend to the cyberspace department as well. South Korean officials claim the North has “an effective cyber army”, which has been responsible for various attacks over the past few years. The war between North Korea and South Korea is still going on behind the scenes to this very day. A new report surfaced as to how North Korean hackers stole data of over 10 million South Korean shoppers. While these claims have yet to be proven, the police are investigating the data breach. Once again, this is a clear example of how more secure solutions are needed to....
The Department of Justice has indicted three hackers affiliated with the infamous Lazarus Group. On Wednesday, the U.S. Department of Justice announced charges against three North Korean operatives. Making the announcement, Assistant Attorney General John C. Demers condemned the North Korean program, the most famous branch of which is Lazarus Group. Demers said:"North Korea’s operatives, using keyboards rather than guns, stealing digital wallets of cryptocurrency instead of sacks of cash, are the world’s leading bank robbers."With a country largely sequestered from the international....
A panel of experts at the United Nations says that North Korea has amassed $316 million in cryptocurrencies from various cyberattacks on crypto exchanges and financial institutions. The panel also investigated North Korea’s involvement in the $281 million hack of a crypto exchange. UN Expert Panel Sheds Light on North Korea’s Cyberattack Activities A United Nations panel of experts has submitted a draft report reviewing the measures on North Korea to the Security Council’s North Korea Sanctions Committee. Nikkei says it has obtained a copy of the document, noting that it....
While North Korea leads the world in crypto crime, crypto analytic firms have estimated that DPRK hackers have found it increasingly difficult to launder stolen crypto funds. North Korea leads the world in crypto crime, with over 15 documented instances of cyber theft amounting to $1.59 billion in stolen funds. However, the recent crypto market turmoil has wiped out millions of dollars from the country’s stolen crypto portfolio.The crypto market rundown that started in May wiped out hundreds of billions of dollars from the crypto industry, where most of the crypto assets fell by over 70%....
U.N. experts estimate that over $316 million in crypto was stolen by North Korea-linked hackers last year.