North Korea may have generated up to $2B for missile testing through sophisticated attacks on financial institutions and cryptocurrency exchanges, according to a U.N. Security Council report, 2 diplomatic sources say.
North Korea is paying for its continued missile tests with “widespread and increasingly sophisticated” cyberattacks on banks and cryptocurrency exchanges, according to a new report to the U.N. Security Council, two diplomatic sources said.
The U.N. report, according to the diplomats, say these attacks permit the North “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.” Since 2016, private cyber-security firms have pointed to North Korea’s advancing from traditional cyber targets, such as South Korean governmental and military institutions, to more diverse targets that cannot as easily be traced to Pyongyang, the sources said.into the Central Bank of Bangladesh, the equivalent of that country’s Federal Reserve. That theft is mentioned in the new U.N. report as part of its estimated up to $2 billion total. The report also cites other violations of U.N.
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