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UN Report: North Korean Hackers stole $2 billion from crypto exchanges and banks to fund weapons

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Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

According to a recent UN report, North Korean hackers managed to stole $2 billion from cryptocurrency exchanges and banks. The report suggests that this money will be used to fund a weapons program by North Korea. United Nation Security Council has imposed many sanctions on the country to stop North Korea from funding its nuclear project. Now the state is using cyberattacks to support its weapons of mass destruction. United Nations has banned exports of coal, iron, lead, textiles, and seafood, and limited the imports of crude oil and refined petroleum products.

In just last week, North Korea has tested two short-range missiles according to the South Korean military. The testing came after the US, and South Korea announced a joint military drill in North Korea, which will start from 11th August. The UN report also states that North Korea has repeatedly broken the sanctions and have involved in many illicit activities. They have used the funds to enhance nuclear missiles but have not tested them yet.

In the last eight days, North Korea has tested two short-range missiles.

North Korea’s attack on digital currency exchanges have helped them to generate income in a way, that is less regulated by the government and is harder to trace than attacks on the traditional banking sector.

The report further suggests that missile launched in May and July by the Pyongyang has enhanced its overall ballistic missile capabilities. Even after all the talks between the USA and North Korea this issue still prevails. And it just might have become more difficult for the UN as now North Korea is funding its Nuclear project using stolen cryptocurrencies.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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