UN Panel Report: North Korea Evading Sanctions with Crypto Hacks

 

 

 

 

 

The United Nations will soon publish a report that highlights the extent to which North Korean leadership has relied on cyberattacks to evade sanctions, according to a recent article from Nikkei Asian Review. Nikkei claims to have obtained a report that the UN is expected to publish next week, in which a panel of security experts concluded that the communist regime used cybertheft to steal roughly $670 million in recent years.

The experts said that the attacks were designed to help the North obtain much-needed foreign currency and enabled the rogue government to amass a large pool of illegally-obtained funds. 

While the North Koreans are believed to have attacked traditional financial institutions multiple times, the report also highlights the North’s recent emphasis on targeting cryptocurrencies and relying on blockchain technology to help mask their activities. According to the experts, at least five crypto exchange hacks since 2017 were perpetrated by the North’s special corps of cyberhackers.

The report recommended that countries in the UN take steps to enhance information exchanges between governments and financial institutions to improve their ability to monitor and detect North Korean attempts to circumvent existing sanctions.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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