Reuters: North Korea finances development of nuclear missiles thanks to attacks on cryptocurrency exchanges

According to a UN report, North Korea has accelerated the development of tactical and nuclear missiles, and one of the main sources of funding for these developments has become hacking of cryptocurrency exchanges and services.

Reuters journalists managed to get access to a confidential annual report, presented on Friday during a meeting of the UN Security Council Committee on sanctions against North Korea.

“Although there were no reports of nuclear tests or launches of intercontinental ballistic missiles, the DPRK continued to develop its ability to produce nuclear materials. The development of nuclear and ballistic missiles continued and the DPRK was looking for materials, technologies and knowledge for these programs abroad, using cyber means and joint scientific research, ”the experts say.

According to the report, there is evidence of North Korean hackers stealing at least $50 million from three cryptocurrency exchanges between 2020 and mid-2021. The drafters of the document also recalled a study by Chainalysis, which reported that North Korean hackers were able to steal $400 million worth of cryptocurrencies in 2021.

The researchers also noted that the sanctions that North Korea is subjected to “worse the humanitarian situation” in the country. However, since the government of the country does not provide information, it is rather difficult to say how much the sanctions harm ordinary citizens.

At the end of last year, the South Korean publications Newsis and Chosun said that hackers from North Korea had hacked many cryptocurrency exchanges in five years and stole assets worth $1.7 billion.