UN report reveals North Korea steals from crypto exchanges to evade sanctions

Several US agencies, including the US Treasury, Department of State, Department of Defense, and the FBI, have issued a guide on cyber assaults allegedly initiated by North Korea. UN report revealed that DPRK has been stealing crypto to evade sanctions.

The US. Treasury, Department of State, Department of Defense, and the FBI have issued comprehensive guidelines on cyber assaults allegedly initiated by North Korea. The guidance aims to promote international cooperation against DPRK’s work in cyberspace. It stated that it is vital for the international community, network defenders, and the public to stay vigilant and to work together to mitigate the cyber threat posed by North Korea. 

North Korea uses crypto to fund nuclear weapons program.

The United Nations had also reported earlier that the North Korean regime has been using cyberattacks and stealing cryptocurrency from all around the world to fund its nuclear weapon programs. The guidance issued by US agencies also refers to the alleged involvement of the infamous Lazarus Group in hacking multiple cryptocurrency exchanges. It also mentions the infamous WannaCry ransomware that took place in 2017. US agencies attribute North Korea’s interest in cryptocurrencies and cyberattacks to its desire to fund a nuclear weapons program. The guidelines state that under the pressure of robust US and UN sanctions, the DPRK has increasingly relied on illicit activities to generate revenue for its weapons of mass destruction and ballistic missile programs.

 

North Korean hackers used fake IDs to circumvent KYC on crypto exchanges. 

Earlier, the US police arrested two Chinese citizens for helping North Korean hackers launder more than $100 million in cryptocurrency. Blockchain analysis firm, CipherTrace released a detailed analysis of how the hackers stole cryptocurrencies through several banks and crypto exchanges. Last month, the Department of Justice charged Tian Yinyin and Li Jiadong with laundering over $100 in cryptocurrencies to benefit North Korean co-conspirators. According to the report, the North Korean co-conspirators used fake identities and manipulated photos to circumvent the KYC procedures at several exchanges. 

Earlier this year, former Ethereum researcher Virgil Griffith was arrested by the FBI for attending a crypto conference in North Korea and allegedly helping the nation evade sanctions using blockchain and crypto. 

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Jai Pratap
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.

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