North Korea earns $571M in cryptocurrencies through cyber attacks

North Korea received about 670 million US dollars of virtual currency and legal tender to deal with economic sanctions imposed by the nuclear program and missile program. A panel of experts reporting to the UN Security Council said that North Korea raised funds through cyber attacks.

In the report, the panel recommended that UN member states should improve their ability to strengthen information exchange with other governments and domestic financial institutions on cyber attacks in North Korea.

It is believed that from 2015 to 2018, North Korea carried out multiple attacks on foreign financial institutions. From January 2017 to September 2018, North Korea successfully attacked at least five Asian cryptocurrency exchanges, benefiting approximately $571 million. According to the team’s report, cyber attacks were mainly initiated by special forces of the North Korean military. The panel said that because virtual currency is difficult to track, North Korea has escaped relevant sanctions.