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Here’s How Much Bitcoin North Korea Amassed After Hacking Asian Cryptocurrency Exchanges
According to a report prepared by a United Nations (U.N.) Security Council expert panel, North Korea stole $670 mln worth of foreign fiat currencies and cryptocurrencies in order to circumvent financial sanctions. Other governments are encouraged to cooperate in order to prevent such attacks.
Alex DovbnyaCircumventing sanctions
This is the very first time when security experts provided insights into the way North Korea obtains cryptocurrencies with the help of cyber attacks. These attacks started in 2015 and lasted until 2018.
Notably, they imposed new the UN imposed new sanctions that were supposed to curb the country’s lucrative coal trade with China. North Korea has been under UN sanctions for 15 years due to the launch of its nuclear program.
Targeting Asian tigers
The above-mentioned report states that North Korea hackers have managed to carry out at least five successful attacks on Asian cryptocurrency exchanges with the total amount of losses standing at $571 mln worth of crypto.
Kim’s bet on Bitcoin
Virtual currencies are particularly enticing to the authoritarian state because they are not regulated by governments and cannot be easily traced. As reported earlier by U.Today, North Korea also relied on cryptocurrency mining in order to generate funds for the regime.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.
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