North Korea funding missile program with stolen crypto assets: Reports
A UN report claimed that South Korea will use the crypto assets based payment to fund its missile & weapon program.
North Korea is a well known country to this world, where a single person holds the power of the whole country, without any provisions of elections to choose the leader. In North Korea people are limited to their 24 hours Hard Work to earn money to live a very simple life. North Korean citizens have no accessibility of the internet, so obviously there is no access to cryptocurrencies for the citizens. However, citizens are not aware about crypto and the internet but the government of N. Korea is aware about the potential of crypto and also many Korean hackers are active in this industry to steal money for the country.
Recently Reuters covered a report and notified the readers that North Korea is illegally using crypto assets to fund its defence programs.
A UN government official said that North Korea stole around more than $50 million worth of crypto assets within 2020 to 2021. And also the country has huge funds from its past robbery from the crypto exchanges.
Confidential report confirmed that North Korea is conducting multiple types of cyber crimes to generate revenue to boost its potential in the funding of missile programs.
Korean hackers mainly target the crypto exchange of Asia, Europe, and North America.
Since the last many weeks, North Korea is getting better attention because of the missile and weapons testing programs even under a situation of economic crisis in the country and also there is huge food shortage in the country.
Chainalysis, a blockchain analytic platform, found that North Korea conducted around at least 7 attacks on the crypto exchanges last year and accumulated around $400 million worth of crypto assets through such attacks.
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