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UN Investigating 35 North Korean Military-Funding Cyberattacks

UN Investigating 35 North Korean Military-Funding Cyberattacks

The document to the Security Council provides information on various North Korean attacks and also North Korea's progressive steps to avoid United Nations sanction on coal exports as well as on import of products such as 'refined petroleum and luxury items.' The luxury goods include 'Mercedes Benz S-600 cars.

After a United Nations report recently accused the North Korean regime of carrying out major cyberattacks of banks and crypto exchanges to fund its weapons of mass destruction programs, a longer version of the report has set out the claims in new detail.

India came next with three cyberattacks, while Bangladesh and Chile each had two attacks.

The Associated Press reports that the experts accused the Asian country, led by Kim Jong Un, of illegally acquiring as much as $2 billion from its sophisticated cyber activities against financial institutions and cryptocurrency exchanges.

To achieve this, bank employee computers and infrastructure were accessed to send fraudulent messages and destroy evidence.

- And "mining of cryptocurrency as a source of funds for a professional branch of the military".

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It also discovered North Korea's successful evasion of sanctions on coal exports, imports of refined petroleum products and luxury items.

According to the report, three "low risk and high yield" methods were used by the DPRK cyber actors to steal funds worth $2 billion from various crypto exchanges and banks.

These funds were reportedly used to fund its various weapons of mass destruction. This method can be compared to the attacks top South Korean exchange, Bithumb has suffered in the past. This resulted in cash circulation of 10,000 to people operating for North Korea over 20 plus nations within 5 hours.

As per users and exchange attacks, one of the neighboring country's big cryptocurrency exchanges, Bithumb has reportedly fallen victim on at least 4 different occasions between 2017 to 2019, losing about $58 million in the process.

According to a report from one unnamed country cited by the experts, stolen funds following one cryptocurrency attack in 2018 "were transferred through at least 5,000 separate transactions and further routed to multiple countries before eventual conversion" to currency that a government has declared legal money, "making it highly hard to track the funds". It added that the first two attacks were in February 2017 and July 2017, with each resulted in losses of approximately $7 million.