North Korea stole $600 million in cryptocurrency to fund the development of massive destructive military weapons.

According to a confidential United Nations report, North Korea is funding its large-scale destructive weapons program with a significant amount of cryptocurrency stolen from banks and exchanges around the world.

According to a report by Reuters, the report was researched by "independent experts" and submitted to the United Nations Security Council North Korea sanctions committee last week. It states that North Korea has collected approximately $2 billion, or around 60 billion New Taiwan dollars, through "widespread and increasingly sophisticated hacking operations," with hackers being a crucial part of the North Korean government.

Participants in the Democratic People's Republic of Korea's network, many of whom operate under the guidance of the "Reconnaissance General Bureau," are raising funds for their large-scale weapons of mass destruction (WMD) program. At least 35 North Korean actors have attacked financial institutions in about 17 countries, with total estimated proceeds reaching up to $2 billion so far.

Reuters also mentioned that when asked about the report, the North Korean mission to the United Nations did not provide any comments.

The United Nations stated that when North Korea targets cryptocurrency exchanges, it makes it harder to trace them, and they are less regulated and supervised by governments compared to traditional banking.

Meanwhile, the Federal Bureau of Investigation reiterated the United Nations' view that North Korea is intentionally stealing money to counter the impact of international sanctions. The report suggests that this view is possibly due to the current stalemate in negotiations with no progress being made.

Reuters reached out to a spokesperson at the U.S. State Department regarding the United Nations report and received the following response:

We urge all responsible countries to take action to disrupt North Korea's ability to conduct malicious cyber activities, which can generate revenue to support its illicit weapons of mass destruction and ballistic missile programs.

The theft of cryptocurrency by hackers is no longer just an individual concern but has escalated to the level of national security and asset management. As cryptocurrencies become more popular, countries' cybersecurity measures must also advance with the times.

Further Reading

• New Hana Bank in South Korea to offer blockchain-based securities lending
• The U.S. Department of Defense actively experimenting with blockchain technology to enhance security

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