North Korea’s primary revenue source stays crypto theft says a report from the United Nations. There is no doubt that the number of hacks on exchanges and other platforms has increased recently. And even though all of them are not necessarily by North Korea, they stay one of the top contenders. The U.N. report also says that North Korea is using these funds to develop nuclear and missile programs.
North Korea’s primary revenue source stays crypto theft
It is such a shame that an entire nation is behind so many crypto hacks and attacks on exchanges and financial institutions. The hackers that carry out the attack are controlled by the Democratic People’s Republic of K0rea. All these data have been shared by Reuters, and they cited a U.N. Report. This is so bad that North Korea is dependent on these attacks as a revenue source for their weapons.
The report from the U.N. also shares that the hackers in the group controlled by North Korea stole nearly $50 million in 2020 and the first half of 2021. And these hacks were primarily crypto exchanges from Asia, Europe, and North America.
Another report from Chainalysts suggests that the capital of North Korea, Pyongyang, also conducted many attacks on crypto exchanges in 2021, resulting in the theft of $400 million in digital currencies. The main targets of these hackers from CEXs and investment firms. Things get even scarier when you take into account all kinds of cyberattacks that are orchestrated by North Korea. They are stealing billions in funds and are using the same to build weapons and destructive programs. While they haven’t conducted any nuclear tests, it is likely that missiles are being developed with these funds.
Exchnages need to be cautious
With an entire country backing hackers, it is clear that exchanges and investment firms need to be cautious about their security. There is no end to these attacks, and the only way to stop them is to step up the game. Otherwise, investors will lose funds, and worst the digital economy won’t be growing how it is supposed to.
What are your thoughts as North Korea’s primary revenue source stays crypto theft? And do you think that the U.N. should take steps to stop this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
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