A UN Report Says North Korea Funded Its Nuclear Missile Program Via Stolen Crypto

A confidential report from the UN accuses North Korea of having been involved in finding its ballistic and nuclear missile project with cryptocurrency swindled out of the exchanges. The report mentions that a minimum of $50B has been stolen by the country from 2020 to 2021.

The confidential report of the UN has been detected by Reuters, in which it asserts that The missile project of North Korea has been funded with swindled crypto. In a briefing, it was stated by the UN officials that millions of dollars had been stolen on the behalf of the isolationist country in the form of crypto from 2020 to 2021.

North Korea and crypto theft

The report added that several cyber attacks have been conducted by the country because it counts to be a significant source for the generation of its revenue to assist the nuclear missile project thereof. The chief targets of these attacks are usually the exchanges across North America, Europe, and Asia, having already attacked three exchanges at minimum.

It has been for several weeks that the country is frequently being seen in the news for organizing several missile tests related to Western governments. The country has been facing some economic problems as well as food shortages therefore it has undergone some difficulties and funding these projects.

Chainalysis – as a platform for blockchain security and intelligence – has additionally reported a minimum of 7 crypto thefts targeted toward crypto venues that had been carried out on the behalf of North Korea during 2021.  In these attacks, a valuation of nearly $400 million was taken off.

The native media outlets of South Korea also claimed that almost $1.7B had been swindled by North Korea out of the exchanges. Even though a majority of countries are organizing some regulations for crypto, there are some concerns regarding putting a block over cybercrimes dealing with cryptocurrencies.

The  overwhelming concerns of governments regarding cybercrimes and crypto

Cybercrimes have been declared as a chief issue within the asset class on the behalf of the Biden administration.  The AML and KYC standards are considered to be a method to discard illegal activities, however, due to the market environment, it has turned into a difficult task. Nonetheless, in terms of cybercrimes such as exchange theft, The burden will be put onto the exchanges to enhance the blockchain addresses and security. The respective report comes at a time when the authorities are pondering over the ways to tackle crypto as well as the associated technologies.