North Korean authorities are actively using cryptocurrencies to finance the modernization of its nuclear weapons and ballistic missiles, the Associated Press reports, citing UN experts. The experts estimate $316.4 million of revenue in crypto that North Korea managed to raise with cyberattacks from 2019 to November 2020.
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It also has been reported that North Korean-linked digital bad actors continued illicit cyberactivity thorough the whole 2020 with the help of cryptocurrency exchanges.
"It [Kim Jong Un’s government] announced preparation for testing and production of new ballistic missile warheads and, development of tactical nuclear weapons ... and upgraded its ballistic missile infrastructure," the experts said, commenting cryptocurrency turnover in the country.
UN's specialists believe North Korea still launders stolen cryptocurrencies with the help of China through over-the-counter brokers to get fiat currency. The panel of experts claims it is investigating a September 2020 hack against a cryptocurrency exchange that resulted in approximately $281 million worth of cryptocurrencies being stolen.
As iHodl reported in August 2020, the US Department of Justice (DoJ) issued a new report, according to which, North Korean hackers stole millions of dollars’ worth of cryptocurrency and laundered assets via the Chinese OTC market.
The department states the criminal activity includes the theft of $250 million in cryptocurrency through other exchange hacks by North Korean actors.
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