HomeNEWSNorth Korea Is Sponsoring Its Missile Programs With Stolen Crypto

North Korea Is Sponsoring Its Missile Programs With Stolen Crypto

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According to a report by the United Nations, North Korea is using money from crypto exchange platforms to fund its Nuclear and Missile Program. Moreover, the U. N’s panel of experts says that North Korean hackers have stolen around $50 million from crypto exchange platforms. These platforms are located in Asia, Europe, and North America.

Furthermore, the U.N. report has also mentioned the report obtained by The Associated Press from cybersecurity firm, Chainanalysis.

According to the cybersecurity firm, North Korean hackers have stolen over $400 million worth of crypto. They have attacked crypto exchange and investment platforms at least seven times in 2021.

Crypto “Important Source Of Revenue” For North Korea’s Nuclear Program Says U. N

The U.N. sanctions committee received the report on 4th Feb 2022. Also, the report mentions how the hackers attacked crypto exchange platforms. They used malware, code exploits, phishing lures, and advanced social engineering.

Moreover, the attackers would carefully ship the funds out of these international crypto exchange platforms. These funds would then reach wallet addresses based in North Korea. The U.N. sanctions committee has commented on North Korea’s use of crypto for its ballistic missile infrastructure.

They said that the stolen cryptocurrency funds go through a “careful money laundering process to be cashed out.” The U.N. Security Council has banned North Korea from carrying out nuclear programs. However, if the U.N. reports are believed, the country continues investing in its nuclear and missile programs.

Also Read: How North Korean Hackers Managed To Loot $400 Million In 2021

North Korea Continues To Develop Its Nuclear And Ballistic Capabilities 

According to the United Nations, in 2019, the country has used cyberattacks to acquire over $2 billion for its nuclear infrastructure. Furthermore, the U.N. states that the country has increased its weapon testing capabilities. The government has not launched any Intercontinental Ballistic Missile till now. However, they have continued to develop their infrastructure for nuclear fissile materials.

North Korea has continued to conduct scientific research for its programs. Also, they are gaining more knowledge through technology and cyber means to develop their nuclear infrastructure.

According to the United States, North Korea has conducted at least nine missile tests in January 2022. The U.N. security council had imposed sanctions on North Korea in 2006. This was after the country had launched its first nuclear test explosion. Even then, North Korea continued to test and upgrade its nuclear programs.

The illicit money North Korea is gaining from crypto adds to their increasing nuclear capabilities.

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