North Korea Funds Nuclear, Ballistic Missiles Programs Through Stolen Cryptocurrency, UN Reports

According to a recent study from the United Nations, North Korea's hackers have stolen more than $50 million worth of bitcoin to fund and enhance its nuclear and ballistic missile programs.

The yearly assessment by independent sanctions monitors Pyongyang's testing and demonstration of new short-range and probably medium-range missiles using both ballistic and guidance technology and using both solid and liquid propellants accelerated significantly in January.

North Korea's missile program funded through stolen crypto

Between 2020 and mid-2021, investigators discovered that at least three cryptocurrency exchanges in North America, Europe, and Asia were targeted by cyber assaults, stealing more than $50 million in digital assets. Experts stated that cyber assaults continue to be a major source of cash for Kim Jong Un's government and Pyongyang's nuclear and ballistic missile programs.

Aside from cyberspace, they claimed North Korea continues to seek materials, technology, and know-how for these programs from other countries, through collaborative scientific research and cyberspace. On Friday, the report was forwarded to the North Korea sanctions committee of the United Nations Security Council.

Research by Chainalysis, a blockchain analysis firm, revealed that North Korea attempted at least seven assaults against cryptocurrency platforms last year, stealing roughly $400 million in digital assets, according to Mail Online. Independent monitors known as the 1718 Committee, named after the UN resolution that has imposed harsh sanctions on North Korea since 2006, have released a new report, which was obtained in part by CBS News and submitted to the UN sanctions committee.

The report is based on its investigations, which are frequently carried out on-site, as well as information and intelligence gathered from UN member states. As of the end of January 2022, the testing and demonstration of new short-range and medium-range missiles containing both ballistic and guidance technology and using both solid and liquid propellants has accelerated significantly, according to a report acquired by CBS News.

Pyongyang continues developing nuclear, ballistic missile programs

In addition, in contravention of UN Security Council resolutions, North Korea continued to maintain and develop its nuclear and ballistic missile programs. It comes at a time when tensions among members of the Security Council are high due to North Korea's nuclear development.

In mid-January, the Biden administration slapped penalties on five North Korean officials in response to the flurry of missile testing this year. After even more launches, the U.S. asked for a private council meeting, which Russia unsuccessfully sought to stop in a procedural vote as administration also revealed at the time.

But nine council members, including the US, issued a statement condemning the recent launch of an intermediate-range ballistic missile (IRBM) as a "unlawful action in the strongest terms. North Korea's weapons of mass destruction programs have earned an estimated $2 billion through widespread and more sophisticated cyberattacks, according to UN sanctions monitors in 2019.

According to the most recent report, "illicit trade, including in luxury goods, has largely ceased" as a result of North Korea's strict blockade in response to the COVID-19 pandemic. North Korean exports of coal, iron, lead, textiles, and seafood have been banned by the UN Security Council over the years while imports of crude oil and refined petroleum products have been restricted.

The study claims that North Korea's humanitarian situation "continues to deteriorate." The COVID-19 ban was undoubtedly to blame, but the monitors said it was impossible to tell how many people were being harmed accidentally as a result of UN sanctions owing to a lack of information from North Korea, Mint reported.