North Korea received crypto-millions over hackers

That North Korea is interested in crypto systems was well known. A new UN report accuses the government now as a client for hacker attacks.

A number of states have hinted in recent months that they want to focus more on cryptocurrencies – partly with the aim of coping with economic problems such as high inflation rates, but sometimes as a way to avoid sanctions from other countries. While in the first case Venezuela means its own currency and the other country is sanctioned Iran, North Korea seems to be following a different, illegal route. That’s what a recent report from Japan suggests. Responsible for the news is the news website Nikkei Asian Review.

The portal specializes in the financial sector, citing its message to the United Nations and a report prepared there on behalf of the Security Council. The result: North Korea is said to have financed a hacker team, which is Bitcoin for the country in a big wayand other cryptocurrency, but also to have captured real money in the digital world. The sum amounts to the report on altogether nearly 600 million euro. The analysis of the UN experts refers to the period from 2015 to 2018. Blockchain was the starting point for the hacker attacks, the criminals profit from the anonymity of their transactions. The authors of the report assume that the attacks were carried out primarily on a military level by appropriately trained members of the North Korean Army.

Are the big attacks of recent years on North Korea’s account?

As an example of a virtual foray, the report states that access to the NEM network via the stock exchange Coincheck, by the user in early 2018 have lost more than 470 million euros. Author of the attack was allegedly the hacker collective “Lazarus”, to which for several years, other extensive thefts are attributed. The government of North Korea is said to have used the illegal extra funds mainly for exchanging foreign currency for other fiat money concerns as well as quasi-bridging economic sanctions.

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