North Korea Accused Of Stealing $2 Billion From Banks & Crypto Exchanges

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North Korea is generally considered a problematic nation. From ill-treating citizens to launching missiles as a way of sending a message to the US and South Korea, the country is controversial and isn’t afraid to ruffle feathers.

A leaked UN Report is now accusing the state of stealing a whopping $2 billion -to fund its weapons programme- through cyber attacks. The money is said to have been stolen from exchanges and banks in 17 countries. The United Nations is said to be investigating 35 such attacks and the funds were stolen from crypto exchanges and financial institutions:

[Pyongyang] used cyber-space to launch increasingly sophisticated attacks to steal funds from financial institutions and crypto-currency exchanges to generate income

The report also notes that attack on crypto exchanges is harder to track and subject to less government regulation than traditional banking.

The illegal activity gives North Korea a method to avoid the multitude of sanctions ( ban exports on coal, iron, lead textiles and seafood and a cap on imports of crude oil and refined petroleum products) that have been placed on the country.

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

US state department spokeswoman

The money is also believed to be used by North Korean leader Kim Jong Un to import luxury goods – something also banned by the UN back in 2006.