- The illegally collected money was laundered via cyberspace techniques.
- Attacks on cryptocurrency exchanges are becoming harder to track.
A report on Reuters says that controversial North Korea has gathered roughly $2 billion. The funds will be channeled to the development of weapons of mass destruction. The funds have been generated using “widespread and increasingly sophisticated” cyberattacks from both crypto exchanges and banks. The article on users cites a confidential United Nations report.
According to the experts behind the report, North Korea:
“Used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income.”
The illegally collected money was laundered via cyberspace techniques. Besides, the “Democratic People’s Republic of Korea cyber actors, many operating under the direction of the Reconnaissance General Bureau, raise money for its WMD (weapons of mass destruction) programmes, with total proceeds to date estimated at up to two billion US dollars,” the report explained.
The experts further stated that investigations of “at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity designed to earn foreign currency,” across 17 nations.
The report admitted that cyberattack on cryptocurrency exchanges gave North Korea a means “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.”
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