North Korean Missile Program Funds Come From Stolen Crypto – UN Reports

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The UN has released a new report claiming that some alleged state-backed hackers are funding North Korea’s missile programs.

(Photo: Photo by ROSLAN RAHMAN/AFP via Getty Images)

If true, the issue may lead to more malicious blockchain campaigns, as it only shows that cyberattackers are now stealing cryptocurrencies for government-related purposes.

Currently, security experts are identifying more and more cryptographic hacks. Recently, United Nations investigators recorded over $50 worth of stolen cryptocurrencies.

Thefts of digital tokens involved occurred between 2020 and 2021.

UN Says Stolen Crypto Funds NoKor’s Missile Programs

According to the latest report from BBC News, the latest UN report claims that stolen cryptocurrencies play a significant role in the development of Pyongyang’s ballistic missile and nuclear projects.

(Photo: Photo by Chung Sung-Jun/Getty Images)People watch a TV at Seoul Station showing a file image of a North Korean missile launch, on September 15, 2021 in Seoul, South Korea . The unidentified type of missile was fired Wednesday afternoon from central interior areas in the North, and South Korean and U.S. intelligence authorities are analyzing the details for additional information, the JCS said in a statement.

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The UN said one of the proofs is that the Asian country can still operate its missile programs despite the sanctions against it.

“The DPRK has demonstrated increased rapid deployment capabilities, high mobility (including at sea) and improved resilience of its missile forces,” the sanctions monitors said.

This means that there is a sudden acceleration of North Korea’s defense activities. Currently, some US special representatives are preparing to meet with South Korean and Japanese officials to discuss the matter.

Crypto thefts believed to be linked to North Korea

CNN Business reported that some suspected North Korean-backed hackers could steal more than $400 million worth of cryptocurrencies in 2021 alone.

Because this is a massive malicious campaign against digital currencies, security experts have declared 2021 to be the most lucrative year for cybercriminals targeting the blockchain industry.

About seven cryptographic attacks have been recorded. Most of them focus on centralized exchanges and investment firms.

In other news, crypto exchange FTX was able to acquire its Japanese rival, Liquid, allowing it to expand further in Asia. On the other hand, the Indian crypto tax is expected to increase by 30%.

For more news on cryptocurrencies and other related topics, always keep your tabs open here on TechTimes.

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Written by: Griffin Davis

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