(ORDO NEWS) — North Korea is funding its missile program with cryptocurrency that was stolen from cryptocurrency exchanges by North Korean hackers, according to a new UN report.
With the help of cryptocurrency, the DPRK bypasses international sanctions
Between 2020 and 2021, North Korea stole over $50 million worth of digital assets, according to the UN . At the same time, another independent analytical report published last month showed that North Korean hackers stole much more cryptocurrencies – worth more than $400 million (30 billion rubles).
According to the UN report, the hackers targeted mainly cryptocurrency exchanges in North America, Europe and Asia. Most of the robberies were related to Ethereum, not Bitcoin.
The report states that crypto funds stolen by DPRK hackers “go through a thorough laundering process to be later cashed out.”
North Korea also continues to test ballistic and nuclear missiles despite a UN Security Council ban, experts say.
The report states that “cyber attacks, especially on cryptocurrency assets, remain an important source of income” for the government of Kim Jong-un. It is this money that is used to promote the missile program in circumvention of the sanctions.
Experts also note that the DPRK is evading maritime sanctions by exporting coal via sea routes. The country also imports refined oil via these routes. Exports, although at a relatively low level, increased in the second half of 2021.
Earlier, we talked about an American hacker who single-handedly deprived the entire North Korea of the Internet. You can learn more about this in our material .
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