According to a confidential UN report, North Korea has been funding its nuclear and ballistic missile programs with bitcoin stolen from exchanges. According to the research, the country stole at least $50 million between 2020 and 2021.
According to a confidential report, the United Nations says that North Korea has been supporting its missile program with stolen cryptocurrency. In a press conference, UN officials stated that the isolationist country stole millions of dollars between bitcoin in 2020 and 2021, totaling at least $50 million.
According to the confidential report, the country has been conducting several cyberattacks and is a significant source of revenue for the nuclear missile program. The majority of the targets of the attack are exchanges in Asia, Europe, and North America, with at least three exchanges allegedly targeted.
For several weeks, the country has been in the spotlight due to a series of missile tests that have alarmed Western governments. In view of the country’s economic woes and food shortages, the topic of how these programs have been supported has periodically arisen.
Chainalysis, a blockchain intelligence and security business, has also reported on North Korean cryptocurrency thefts. According to the firm, North Korea conducted at least seven attacks on cryptocurrency platforms in 2021, resulting in the theft of about $400 million. South Korean media also claimed that North Korea stole at least $1.7 billion from exchanges.
Cryptocurrency and cybercrime are causing governments to be concerned.
While most governments are creating laws for the crypto asset class, there are still concerns about preventing cryptocurrency-related cybercrime. The Biden administration has identified cybercrime as one of the asset class’s most serious threats.
KYC and AML rules are one approach to reduce illegal behavior, but the structure of the market makes it difficult to totally eliminate it. However, in the case of cybercrimes such as exchange theft, it will be up to exchanges to strengthen security and blacklist addresses.
The analysis comes at a time when countries are debating how to deal with the crypto asset class and related technology. In this regard, 2022 is shaping up to be a pivotal year, with numerous large economies set to make pronouncements on crypto legislation.