North Korea steals $ 2 billion in cryptocurrencies from exchanges

North Korea steals $ 2 billion in cryptocurrencies from exchanges

North Korea steals $ 2 billion in cryptocurrencies from exchanges

North Korea has stolen $ 2 billion in cryptocurrencies from cryptocurrency exchanges with cyber attacks. That was stated in a report from the United Nations (UN) that Reuters owns.

According to the report, the stolen money is mainly used for the North Korean arms program. The report also reports that North Korea’s cyberattacks are becoming more sophisticated and widespread.

Most hackers would work for the Reconnaissance General Bureau, a North Korean military intelligence agency. At least 35 cases of cyber-attacks spread across 17 countries have been reported.

The UN says in the report that North Korea is attacking cryptocurrency exchanges because of the lack of regulation and supervision makes it harder to track stolen money compared to the traditional banking sector.

At the end of May, the South Korean cryptocurrency exchange Upbit was probably the victim of North Korean hackers. The hackers were allegedly able to invade the system with the help of phishing scams. This year, money was also stolen from cryptocurrency exchanges such as Binance, Bitpoint, Bithumb, and Cryptopia.

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About Viktor Sokolov 92 Articles
Nerd, entrepreneur & coffee aficionado. Believes that blockchain infrastructure and bitcoin will be the money system of the coming decades. Trying to make visible what this means for technology, economy, companies and societies.

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