North Korea is Funding its Weapons Programs with Stolen Crypto and Fiat worth $2 Billion

According to a confidential U.N. report, North Korea is funding its WMD (Weapons of Mass Destruction) with both crypto and fiat currency stolen from financial institutions like banks and exchanges.  Most of North Korea’s hackers work under the Reconnaissance General Bureau, an intelligence agency that manages clandestine operations.

The report is researched by “independent experts” who presented it to the U.N. Security Council North Korea sanctions committee which accuses North Korea for using “widespread and increasingly sophisticated” hacks to collect roughly $2 billion which has been laundered across the internet.

Reuters, who foresaw the report said the North Korean denied to make a comment when asked about the report.

The experts are studying “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 U.N. report said “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.”

Will North Korea ever back off?

U.S. president Donald Trump tried many times to get North Korean leader Kim Jong Un to drop its nuclear weapons program.

A U.S. State Department spokeswoman told Reuters:

“We call upon all responsible states to take action to counter North Korea’s ability to conduct a malicious cyber activity, which generates revenue that supports its unlawful WMD and ballistic missile programs.”

This is one of many other reports that have linked North Korea to major hacks at numerous crypto exchanges.

Even their neighbors,South Korea, has accused the country for hacking domestic exchanges. Many suspect North Korea for the hack of Japan’s Coincheck exchange, which led to the theft of more than $500 million in crypto.

Recent reports suggest North Korean hackers are now targeting users of the UPbit exchange with phishing email campaign.Follow us on Twitter, Facebook, Steemit, and join our Telegram channel for the latest blockchain and cryptocurrency news