Home Cryptocurrency North Korea Using Crypto Cyberattack Profits To Develop Missiles – UN Report

North Korea Using Crypto Cyberattack Profits To Develop Missiles – UN Report

Cyberattacks on cryptocurrency are one of the growing concerns. It is a big loss for many currency holders; it also concerns policymakers.

Amidst this, a report shared by the UN has created a ripple of questions. The report suggests that the income or profits from the cyberattacks on the cryptocurrency assets are one of the most prominent sources funding North Korea’s growing nuclear and ballistic missile program. It is a concern for the nations around.

UN On The Missile Development From Cryptocurrency Cyberattack Funds

Cyberattacks, “particularly on cryptocurrency assets,” played a major role in financing North Korea’s missile programs, according to a report submitted to the UN Security Council’s North Korea sanctions committee on Friday.

The attacks allow North Korea to continue seeking material and technology for its weapons worldwide, including in Iran, shared in a report by Independent.

According to the report, North Korea has continued modernizing its nuclear weapons and ballistic missiles despite UN sanctions.

Additionally, North Korea earned about $2 billion (£1.5 billion) from illegal cyber activities over three years, according to the UN Security Council in 2019.

The Report Shared About The Cyberattacks On Cryptocurrency

According to a report released last month by blockchain analysis firm Chainalysis, North Korean hackers stole about $400 million (£300 million) in cryptocurrency in 2021, about 40% more than they did in 2020.

In a report released by Business Insider, Chainalysis said the attacks were aimed at investment firms and centralized exchanges.

The native token of Ethereum, ether, accounted for roughly 60% of the funds stolen last year, while bitcoin accounted for only 20% of the stolen cryptocurrencies.

According to the report, the Lazarus Group, a notorious state-sponsored cybercrime unit, was blamed for the majority of the seven major cyberattacks.

The Missile Tests Conducted In North Korea

In recent months, Pyongyang has test-fired a variety of weapons systems, threatening to end a four-year moratorium on more serious weapons tests, such as nuclear explosions and intercontinental ballistic missile launches.

In January, North Korea test-fired a hypersonic missile and a submarine-launched missile, setting a new record for missile launches.

This is definitely a concern for the UN which needs to be addressed soon.


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