November 3, 2023
2 mins read

North Korean Hackers Steal $1.7 Billion in Crypto

The panel also reported continuous activities at the Punggye-ri nuclear test site, although no nuclear test has been detected since September 2017…reports Asian Lite News

North Korea’s state-sponsored hackers were responsible for cryptocurrency theft worth nearly $1.7 billion last year, the UN Panel of Experts on UN Security Council (UNSC) sanctions against Pyongyang has said.

Citing a cybersecurity firm’s report, the panel said that North Korean cyber theft last year was about three times the amount in 2021 while noting that it is prioritising cryptocurrency hacks to bankroll its nuclear weapons programme, reports Yonhap News Agency.

“Actors working for the Reconnaissance General Bureau continued to use increasingly sophisticated cybertechniques to steal funds and information,” the report said, referring to North Korea’s military intelligence agency.

It added that companies in the cryptocurrency, defence, energy and health sectors were particularly targeted.

The panel pointed to overseas North Korean workers, including some on student visas, as another source of revenue. The UNSC has imposed a ban on North Koreans working overseas on concerns that their income would contribute to North Korea’s weapons programmes.

The panel also reported continuous activities at the Punggye-ri nuclear test site, although no nuclear test has been detected since September 2017.

Touching on North Korea’s ballistic missile launches, the panel said that those tests contribute towards fulfilling two goals under the country’s five-year road map announced in January 2021 — the acquisition of a “ground-based solid propellant” intercontinental ballistic missile and “tactical nuclear weapons” capabilities.

Noting North Korea’s drive to bolster its war deterrence and “nuclear counterattack” capabilities, the panel said that these developments point to a strategy of deterrence akin to “second strike” capability — a term referring to a nuclear retaliatory strike capability.

The report, in addition, indicated that the North might have imported refined petroleum products beyond the permitted annual cap of 500,000 barrels.

From January 1 through May 1 this year, 25 North Korean-flagged tankers, including nine designated by the UN Security Council, made 46 deliveries of refined oil products.

To circumvent sanctions, North Korea was seen using various measures that included deactivating a vessel’s automatic identification system during shipments and conducting such shipments under the cover of darkness, usually before dawn or dusk, according to the panel.

ALSO READ-UAE, Korean FMs Review Regional Developments

Previous Story

Fake Social Profiles Uncovered in IDF Investigation

Next Story

Gaza Health Ministry Pleads for Protection of Hospitals

Latest from -Top News

Pakistan steps up crackdown on Afghan refugees 

The government aims to send back around 800,000 cardholders to their home country, with preparations underway to remove Afghan citizens from Islamabad and Rawalpindi.  Pakistan has stepped up its efforts to repatriate

Guterres to visit Bangladesh amid tensions 

UN Special Envoy on Myanmar Julie Bishop had visited Bangladesh ahead of the Secretary General visit.  The United Nations Secretary-General Antonio Guterres is likely to visit Bangladesh in mid-March amid political tensions

Army Chief visits French Army’s 3rd Division 

General Dwivedi was briefed on its operational role and future joint training initiatives, including Exercise SHAKTI, which is scheduled to take place in France later this year.  Indian Army Chief General Upendra

Historic Mahakumbh 2025 Concludes 

Maha Shivratri marks the last day and final sacred dip of the Maha Kumbh Mela 2025.  The 45-day-long religious gathering, Mahakumbh 2025, concluded on the auspicious occasion of Maha Shivratri, yet devotees
Go toTop

Don't Miss

S.Korea pins hope on end-of-war declaration

The upcoming talks will likely touch on President Moon Jae-in’s

North Korea’s Stark Warning to US Allies

North Korea warned Germany, France, the UK, Australia, New Zealand