Stolen Crypto Funding Behind North Korea¡¯s Nuclear Tests & Missiles Launches: UN Report

As per a recent confidential UN report briefed to the media a couple of days back, North Korea¡¯s missile programmes have been funded by the millions of dollars worth of cryptocurrency stolen by cyber-attacks.

Between the period of 2020 and mid-2021, cyber-attackers stole more than $50m (?37m) of digital assets (crypto), investigators found out, further stating that such attacks are an "important revenue source" for Pyongyang's nuclear and ballistic missile programme.

The findings by investigators were handed over to the UN's sanctions committee on Friday (4th Feb 2022).

Reuters

Also Read: How This Korean-Japanese Billionaire Raised $45 Billion In Just 45 Minutes

These cyber-attacks reportedly targeted and stole millions of dollars from at least 3 cryptocurrency exchanges in Asia, North America and Europe.

2021 Was One Of The Most Successful Year For Cyber Criminals

The UN report also referenced a study published last month by Blockchain analysis company Chainalysis which suggested North Korean cyberattacks could have netted as much as $400m worth of digital assets last year, making it one of the most successful years on record for cyber-criminals in the country.

And that¡¯s not all.

Even in the year 2019, the UN reported that North Korea had accumulated an estimated $2bn for its weapons of mass destruction programmes by using sophisticated cyber-attacks.

Consequently, North Korea has for long been banned by the UN Security Council from carrying out nuclear tests and launching ballistic missiles.

However, the UN report says that despite crippling sanctions, North Korea has been able to continue developing its nuclear and ballistic missile infrastructure.

Moreover, North Korea has also continued to seek material, technology and know-how from overseas, including not just cyber means but also joint scientific research.

The UN report also found that the humanitarian situation in North Korea is showing no signs of relief and continues to worsen.

Also Read: After Pakistan, Russia¡¯s Central Bank Calls For Total Ban On Crypto

AFP

Also Read: This Is How The Japanese Stock Trader Turned $13k into $153 Million!

Other Nations¡¯ Reactions

The United States and others too, stated on Friday that North Korea had carried out 9 ballistic missile launches in January 2022, adding that it was the largest monthly number in the history of the country¡¯s weapons of mass destruction and missile programmes.

On the same day (Friday), China and Russia refused to sign a statement condemning the proliferation of North Korea's missile launches.

Whereas yesterday (Sunday), the US announced that its special representative for North Korea would meet with Japanese and South Korean officials later this week to discuss the situation.

Also Read: China To Create Its Own 'NFT Industry', But Not Related to Cryptocurrency

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