16.2 C
October 4, 2022
Image default

The Kim regime steals cryptocurrencies to finance its nuclear research, claims the UN –

A UN investigation report suggests North Korea is using cryptocurrencies sourced from hacker attacks to fund its arms programs. The Kim regime is also said to be behind the KuCoin hack. Hackers then stole $ 281 million.

The Kim regime is stealing cryptocurrencies

The United Nations (UN) has accused North Korea of ​​stealing cryptocurrencies worth US $ 281 million from an unnamed exchange. It’s probably about KuCoin. The event took place in September 2020.

According Reuters, findings from “Confidential report” UN “strongly suggest“Links between the perpetrators of the KuCoin break-in and the North Korean regime.

Initial analysis, based on attack vectors and subsequent attempts to launder illicit proceeds, strongly suggests links to the DPRK “ – adds the news agency.

Reuters also noted that the UN report accuses North Korea of ​​using stolen funds to finance its nuclear and ballistic programs in violation of international sanctions.

Frank van Weert of Whale Alert speculates that the report may refer to a hack into the KuCoin platform. The date of the incident mentioned in the document suggests this: September 2020 Chainalysis estimated the KuCoin losses at the time at $ 275 million.

The famous hacker attack

The September 2020 incident caused quick reactions from Tether and major cryptocurrency exchanges. Companies quickly froze the cryptocurrency assets associated with the attack. Thus, they prevented about 22 percent theft. violated funds. KuCoin claims it has since recovered as much as 80 percent. stolen funds.

Citing sources familiar with the incident, the UN report said the attackers breached the stock exchange systems by exploiting the smart contracts of the DeFi protocols.

The report estimates that North Korea has generated a total of about $ 2 billion in profit as of 2019 as a result “Common and increasingly sophisticated” cyber attacks against banks and cryptocurrency exchanges.

The UN reportedly adds in the report that one member state believes that North Korea has stolen digital assets worth $ 316.3 million. This reportedly happened between 2019 and November 2020, which suggests that the regime was responsible for subsequent cryptocurrency thefts – not only the KuCoin hack.

Related posts

HSBC CEO says Bitcoin is very volatile: “It’s not for us”

Anupreet Kaur

Manage and increase your bitcoins with Crypto Autopilot

Anupreet Kaur

Millionaires want to buy Bitcoin in the next two years –

Aparnna Hajirnis

Leave a Comment