North Korean Hackers Suspected of $2-Billion-Plus in Cyberattacks

NEW YORK—Hackers based in North Korea have been able to steal an estimated $2 billion using cyberattacks on international financial and crypto organizations, according to a new report, which said the funds have been put toward development of its nuclear program.

Cyber Threat

The allegations were included as part of a classified United Nations report prepared by an independent team of experts who presented it last week to the U.N. Security Council’s North Korea Sanctions Committee.

“North Korea used cyberspace to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income,” the UN report said.

How it Works

With 109 pages of annexes, the 33-page report describes how North Korea is using sophisticated techniques to evade the sanctions imposed on the isolated country, All-Stocks reported.

“The report further suggests that the country repeatedly used the cyberspace to launder the stolen money over the course of the last six months. In addition to that, the report claims the North Korean authoritarian regime conducts cyber-attacks on crypto exchanges, which are more difficult to monitor and are subjected to far less public supervision and regulatory framework than traditional banking,” All-Stocks said.


Section: Standard
Word Count: 268
Copyright Holder:
Copyright Year: 2019
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