North Korea Using Crypto Mining to Fund Military; UN Investigations Underway

North Korea Using Crypto Mining to Fund Military; UN Investigations Underway

The United Nations is investigating 35 North Korean cyberattacks across 17 countries, according to a report published August 13 by Associated Press.

Earlier, the AP and other media outlets said North Korea illegally raised up to $2 billion through such cyber activities targeting financial institutions and cryptocurrency exchanges in violation of sanctions, citing the same report.

India came next with three cyberattacks, while Bangladesh and Chile each had two attacks.

Additionally, thirteen countries also suffered one attack each, including Costa Rica, Gambia, Guatemala, Kuwait, Liberia, Malaysia, Malta, Nigeria, Poland, Slovenia, South Africa, Tunisia, and Vietnam.

This Security Council report states that investigations are underway into at least 35 cases where North Koreans launched cyberattacks in 17 countries with the aim of raising funds. The DPRK hackers used this method by utilizing banks infrastructures and computers to send fraudulent messages and subsequently deleting the evidence.

More news: Australian coal use an 'existential threat' to islands: Fiji PM
More news: No motive after shootout kills California officer, gunman
More news: Former NBA player sentenced to 3.5 years for possessing loaded gun

As more nations become the victims of malicious cyber attacks traceable to North Korea, the United Nations has swung into action to tackle the growing problem and has reportedly been able to identify the various modes of operation of the hackers in question.

Lastly, crypto exchanges and users were targeted in different instances.

In one attack, the hackers managed to take over the ATM network for an entire nation and force 10,000 payments to alleged North Korean operatives.

- And "mining of cryptocurrency as a source of funds for a professional branch of the military". The first two attacks (in 2017) each resulted in losses of around $7 million, while the second two attacks (in June 2018 and March 2019) leading to the loss of $31 million and $20 million, respectively.

According to a report from one unnamed country cited by the experts, stolen funds following one cryptocurrency attack in 2018 "were transferred through at least 5,000 separate transactions and further routed to multiple countries before eventual conversion" to currency that a government has declared legal money, "making it highly hard to track the funds". In one instance, malware mining Monero was sending the proceeds to servers at Kim Il-Sung university in Pyong Yang.

Related Articles