The United Nations (UN) says that North Korea is using cryptocurrency acquired in cyberattacks to help fund its illicit weapons program.
In a new report, Reuters says it has reviewed the confidential document submitted to the UN Security Council by independent sanctions monitors last Friday.
The document alleges that the rogue nation continues to violate international sanctions against weapons testing and launches dating back to 2006.
The monitors say,
“Although no nuclear tests or launches of ICBMs (intercontinental ballistic missiles) were reported, DPRK [Democratic People’s Republic of Korea] continued to develop its capability for production of nuclear fissile materials…
DPRK continued to seek material, technology and know-how for these programs overseas, including through cyber means and joint scientific research.”
The UN report cites cyberattacks as a source of funding for North Korea’s weapons program, including stealing over $50 million from several crypto exchanges from 2020 to 2021.
Chainalysis released an in-depth analysis of North Korea’s cybercrime methodology last month. The data firm says that North Korea utilized phishing, malware and code exploits to launch more than half a dozen cyberattacks that netted almost $400 million in 2021.
Chainalysis highlights the sophisticated nature of North Korea’s money laundering infrastructure, saying,
“DPRK is a systematic money launderer, and their use of multiple mixers – software tools that pool and scramble cryptocurrencies from thousands of addresses – is a calculated attempt to obscure the origins of their ill-gotten cryptocurrencies while off ramping into fiat…
Chainalysis has identified $170 million in current balances… that are controlled by North Korea but have yet to be laundered through services…
DPRK has massive unlaundered balances as much as six years old.”Check Price Action
Don't Miss a Beat – Subscribe to get crypto email alerts delivered directly to your inbox
Follow us on Twitter, Facebook and Telegram
Surf The Daily Hodl Mix
Disclaimer: Opinions expressed at The Daily Hodl are not investment advice. Investors should do their due diligence before making any high-risk investments in Bitcoin, cryptocurrency or digital assets. Please be advised that your transfers and trades are at your own risk, and any loses you may incur are your responsibility. The Daily Hodl does not recommend the buying or selling of any cryptocurrencies or digital assets, nor is The Daily Hodl an investment advisor. Please note that The Daily Hodl participates in affiliate marketing.
Featured Image: Shutterstock/iurii/Sensvector