UN Reveals North Korea Top Money Maker Through Crypto Hack Attacks

UN issues report suggesting North Korea to be on top of those countries from where most of the looted crypto landed. The report reveals approximately US$ 316 Million was looted by hackers belonging to the North Korean region. Their primary targets were crypto trading platforms as well as banks/financial institutions. The report also digs deep into the notorious US$ 281 Million hack attack suffered by an unlucky crypto trading platform.

 A provisional/interim report has been compiled by the panel of experts serving at the United Nations (UN). UN report reviewed in detail steps taken by North Korea which were notified by North Korea Sanctions Committee of Security Council to UN. It was later on informed by Nikkie that a carbon copy of this draft report has been acquired by it. However, intentionally it has not yet made the document public and informed that this will be done after due debate and discussion. The consideration will also be due on the part of Security Council’s members as well so until then it cannot be sent public, told Nikkie.

UN report pointed out that from 2019 till Nov 2020 huge amount of digital assets have been stolen by North Korea. The report suggested that at least 316 Million Dollars worth of crypt assets have been looted in cyber-attacks from several global crypto exchanges.

Allegations have been made against North Korea that these cyber-attacks were carried out on the instructions of the state of North Korea. Further allegations suggested that organized cyber-attacks were caused upon global financial institutions for ulterior motives. The report revealed that the funds have been utilized by North Korea to create weapons and arms of mass destruction. Furthermore, these funds have been used for supporting North Korea’s currently undergoing ballistic missile project, suggested UN report.

UN also suggested that Reconnaissance General Bureau (RGB), the infamous North Korea intelligence agency, is an active participant of promoting stealing activities. Though RGB was banned, however, it is still carrying out illicit activities around the world, particularly in Europe and the US, suggested in the report. It was pointed out in the report that RGB’s primary target is looting crypto funds from crypto trading platforms. Also, it heavily targets such companies that are defenseless against such cyberattacks, claimed a UN report.

It was furthermore suggested by UN experts that their investigation indicates that cybercriminals are links with the North Korean Government.

UN panelists told that they are also looking into the incident where crypto funds worth US$281 Million were stolen from an exchange. When this hack took place in September 2020, Blockchain revealed that North Korean hackers looted all this money from Kucoin.

The report also revealed the method of North Korean hackers and how they convert illicitly earned money into cash. The report pointed out that the hackers use Chinese OTC brokers to convert crypto funds into fiat proceeds such as US dollars.