According to a report by a United Nations Security Council Expert Panel, North Korea has been continuously engaged in hacking cryptocurrency exchanges in order to avoid sanctions.
Report by Nikkei Asian Review
According to the report published by Nikkei Asian Review, it’s the 1st time that North Korea has been detained for illegal crypto activities by the panel. Also, the report states that North Korea has serious sanctions imposed on the nuclear and missile initiative due to which the coal exports of the country have been badly affected.
As cryptocurrencies such as bitcoin are independent of regulations, difficult to trace and can be easily used for money laundering it makes the process of evading sanctions quite easy.
According to the report by the United Nations Security Council Expert Panel, between Jan 2017 and Sep 2018, North Korea has carried out more than 5 cyber attacks on cryptocurrency exchanges in Asia which led to $571 million being stolen or lost.
The panel suggested that the member states of the United Nations should prevent such cyber attacks by amplifying their potential to encourage vigorous data trade on the cyber attacks by the Democratic People’s Republic of Korea with different governments.
