Experts expect crypto to be part of our everyday lives. With time, crypto might become the new face of the financial world. However, nobody envisaged it to become a source of funds for a weapons project.
The UN reports that North Korea has amassed a lump sum close to $2 billion in form of cryptocurrency to fund its nuclear project. The country is achieving this by hacking exploits on crypto exchanges and banking institutions.
The confidential United Nations report leaked by Reuters; says that a team of UN experts are conducting an investigation on several instances of North Korea hackers; raiding financial institutions and exchange platforms to obtain the funds.
Details of the UN Report
According to reports, independent panels of investigative experts were tasked with watching the nation. Actually, the United Nations has sanctioned North Korea. The panel oversees activities carried out by the nation. The panel compiled the confidential report and handed it over to the UN Security Council for review amid the reports of the nation’s missile testing.
As per reports, the UN is investigating about 35 incidents of North Korean hackers raiding financial institutions, crypto exchange platforms and even mining activities. Moreover, the report says the activity has occurred for time frame of four years, involving 17 nations with the sole goal of funding WMD (weapons of mass destruction) programmers.
Furthermore, North Korea has adopted three methods to carry out the attacks;
- Through SWIFT system: bank employee computers and infrastructure are accessed to send fraudulent messages and destroy evidence.
- Stealing of cryptocurrency; through attacks on both exchanges and users.
- Mining of cryptocurrency to fund a professional branch of the military.
Hackers have raided Bithumb exchange platform has at least four times. Particularly, the South Korean-based platform has accumulated a total loss of about $50 million. The United Nations investigators are also looking on crypto jacking.