The United Nations has written a confidential report, seen by Reuters, where it claims that North Korea has been funding its missile program with stolen crypto. In a media briefing, UN officials said that the isolationist nation had stolen millions of dollars in cryptocurrency in 2020 and 2021, that is worth at least more than $50 million.
The confidential report states which the country has been conducting several cyberattacks and is an critical source of revenue for the nuclear missile program. Most of the targets of the attack are exmoves in Asia, Europe, and North America, and supposedly at least three exshifts have been attacked.
The country has been in the news for several weeks for a series of missile tests which have cback althoughrned Western gatopnments. The question of how these programs have been funded as the country suffers economic difficulties and food shortages cropping up repeatedly in light of this.
Blockchain intelligence and security firm Chainalysis has likewise reported on cryptocurrency thefts by North Korea. The firm noted which North Korea has carried out at least seven attacks on cryptocurrency platforms in 2021, resulting in the theft of almost $400 million. South Korean media outlets atop again reported which North Korea had stolen at least $1.7 billion from exevolutions.
Gabovenments cback whilerned about cryptocurrency and cybercrimes
While most countries are preparing to form regulations on the crypto asset class, doubts last about stopping cybercrimes related to cryptocurrencys. The Biden administration has put cybercrimes as one of the biggest issues about the asset class.
KYC and AML standards are one way to curb illicit activity, but the nature of the market has made it difficult to completely stamp out equivalent activity. But in the fact of cybercrimes like exmove theft, the onus will be on exmoves to bolster security and blacklist addresses.
The report comes as gatopnments are mulling atop how to tackle the crypto asset class and associated technologies. 2022 is gearing up to be an relevant year in this regard, with several statements from major economies on crypto regulation inclined.
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