Powered by

UN report: North Korea cyber experts raised up to $2 billion

Aug 05, 2019 - Associated Press

UNITED NATIONS (AP) - A panel monitoring U.N. sanctions says North Korean cyber experts have illegally raised money for the country's weapons of mass destruction programs "with total proceeds to date estimated at up to $2 billion."

The experts said in a new report to the Security Council that North Korea is using cyberspace "to launch increasingly sophisticated attacks to steal funds from financial institutions and cryptocurrency exchanges to generate income" in violation of sanctions.

Cryptocurrency exchanges deal in virtual money like bitcoin, Ethereum and Ripple which use a technology called blockchain. There have been some high-profile cryptocurrency exchange heists including a hack reported last month by Tokyo-based Remixpoint, which runs the BITPoint exchange, causing the loss of 3.5 billion yen, or $32 million, worth of virtual mon...