Hundreds of millions of dollars were stolen from financial institutions and cryptocurrency exchanges to fund North Korea’s nuclear and missile programs, according to the UN.
The panel’s report said North Korean cybercriminals stole more than $70 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia, according to an unnamed government, likely reflecting a shift to diversifying their cyber attacks.
Let us recall that due to UN sanctions, the DPRK authorities are actually deprived of access to currency, which is why they cannot finance their militaristic projects. For many years, North Korean authorities have been trying to use cryptocurrency to circumvent bans. As we see from the report, this often leads to success. There is a high probability that the “intrigues” of the DPRK authorities could become a serious argument in favor of regulating cryptocurrency activity. Already, crypto projects are forced to ban their products for users from toxic jurisdictions such as Iran, North Korea or Crimea. Otherwise, there is a high risk of falling under serious international, American or European sanctions.
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