• North Korea reportedly stole $50 million worth of cryptocurrency from 2020 to mid-2021.
• This country used the stolen currency for its ballistic and nuclear missile programs.
• UN alleges that North Korea has used stolen funds to circumvent international sanctions.

The United Nations reported that North Korea had stolen more than $50 million worth of cryptocurrency in order to finance its missile programs. It was accomplished by cyberattacks targeting at least three cryptocurrency exchanges across North America, Europe and Asia.

“According to a member state, North Korean cyber actors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia,”

The report added that North Korea’s cyberattacks are playing a major role in gaining funding for Pyongyang’s nuclear and ballistic missile programs.

North Korea has been banned by the UN Security Council from carrying out nuclear tests or ballistic missile launches. In spite of this, UN in 2019 reported that North Korea had obtained $2 billion via sophisticated cyberattacks to pay for their missile programs.

North Korea has still continued its development of nuclear and ballistic missile infrastructure despite the UN’s sanctions. Moreover, it has continued to seek material, technology, and intelligence overseas – including cyber means and joint scientific research.

The United Nations monitor of sanctions against North Korea charged Pyongyang with using stolen money to avoid sanctions. This allowed the country to keep developing its ballistic and nuclear missile programs.

Following a Chainalysis report earlier in the year, which contained a similar document, the UN has released this document. According to the report, North Korean hackers have increased from just four to seven on crypto platforms.

Chainalysis further reported that North Korea took nearly $400 million in digital assets last year.

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