Friday, September 30, 2022

North Korea’s Missile Program is Financed by Crypto Theft – UN Reports

The missile program in North Korea, formally known as the Democratic People’s Republic of Korea, is been funded by cryptocurrency theft through cyber-attacks a claim made according to an exclusive report given to the media by the United Nations (UN).

North Korea is a democratic country located in East Asia, it shares borders with Russia and China towards the north and South Korea towards the south, its capital sits in Pyongyang, its largest city. The supreme leader of the country is Kim Jong-on.

DPRK’s cyber-attacks have stolen millions of dollars in bitcoin to support the country’s missile programs, from 2020 till the middle of 2021 the cyber-attackers stole more than $50m (£37m) of digital assets according to the investigators.

Per the UN report which cited Chainalysis, it was also revealed that the North Korean digital currency attack garnered up to a whopping sum of $400 million in digital assets in 2021. This cyber theft invasion by the country in recent times has become an “important revenue source” for its sophisticated nuclear and missile arsenal program, as said by the UN report.

Four years ago, the United Nations published a report that the East Asian Country, has amassed an estimated $2 billion for its WMD (weapons of mass destruction) programs through sophisticated cyber-attacks. In all of these targeted attacks, a minimum of three crypto exchanges were affected in this organized cyber-hack, including those in Asia, Europe, and North America.

Prior to this time, there have been several sanctions from the UN on the Asian country to stop its missile tests as it poses a threat to regional and global security. However, despite the strict bans, the country has continued to develop its nuclear and sophisticated missile systems.

In January alone, the Democratic People’s Republic of Korea launched nine missile tests, a move that further aggravated the tension in the region.

The motivation of DPRK towards livid nuclear and missile programs at all costs remains a deep mystery, however, the nation relies on crypto as a medium of transaction because of the stringent sanctions and bans on its continuous manufacture of arsenals by the United Nations.

With crypto, paying for supplies and engineers can be done covertly, a move that is billed to enjoin more crackdowns from the Financial Action Task Force (FATF) and other monetary watchdogs in the near future.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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