North Korea Stockpiles $316 Million in Cryptocurrencies From Cyberattacks – Bitcoin News

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According to a United Nations panel, North Korea has raised $316 million in funds from the United States. The US has also been able to recover $500 million in cryptocurrencies after several cyber attacks on cryptocurrency exchanges and financial institutions. The panel also investigated North Korea’s involvement in the hacking of a cryptocurrency worth $281 million.

UN panel sheds light on North Korea cyber attacks

The UN panel of experts submitted a draft report to the Security Council’s North Korea Sanctions Committee examining measures against North Korea. Nikkei said it has received a copy of the document and noted that it will be published after it is discussed and finalized by the council’s member states.

The report notes that North Korea’s total virtual asset theft from 2019 to November 2020 is estimated to be about $316.4 million. The United States, with reference to an unspecified country. North Korea is reportedly using cyber attacks on financial institutions and cryptocurrencies to generate cash to support its weapons of mass destruction and ballistic missile programs, the report said.

The team further stated that it was investigating the malicious activities of North Korea’s main intelligence agency, the General Intelligence Bureau, an organization blacklisted under UN sanctions. Activities include attacks on virtual assets and virtual asset service providers, as well as attacks on defense contractors.

According to UN experts, a preliminary analysis based on the attack vectors and subsequent attempts to launder illicit proceeds strongly indicates ties to the DPRK [Democratic People’s Republic of Korea].

In addition, the group said it is investigating the hack of a cryptocurrency exchange in September 2020, in which about $281 million in cryptocurrencies were stolen. Analysis of blockchain data shows that this hack is related to the second hack in October 2020, in which $23 million was stolen. The $281 million hack is believed to be a hack of the cryptocurrency exchange Cuquina.

The report goes on to describe how North Korea continues to launder stolen cryptocurrencies by exchanging them for cheap currencies such as the US dollar through over-the-counter brokers in China.

In its previous report, the UN panel noted that between January 2017 and October 2018. North Korea received $571 million by hacking crypto exchanges and companies.

What do you think of the UN panel’s findings on North Korea and cryptocurrencies? Let us know your comments in the section below.

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