UN report on cyber attacks on crypto exchanges

Earlier in August, the UN report claimed that North Korea had collected billions of dollars from cyber attacks and hacking on crypto exchanges. Apparently, these funds were used to finance the weapons development programs of the Korean regime.

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1 The UN report

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The Pyongyang government has released an official statement denying these allegations vehemently.

The KCNA news agency quoted a statement by the spokesperson of the DPRK National Steering Committee for combating money laundering and combating terrorist financing.
The official statement has a vehement tone:

“The United States and other hostile forces are now spreading negative rumors. Such a fabrication of hostile forces is nothing more than a kind of nasty game, which aims to damage the image of our Republic and find justification for sanctions and pressure campaign against DPRK.
Making such a pure lie about cybercrime to our adversaries is an absurd act and represents the same trick used by Hitler’s fascist propagandists. They used to say “If you repeat a lie enough times it will be considered a truth.”

The UN report

He said there were at least 35 reported cases in which hackers associated with the North Korean government attacked financial institutions and crypto exchanges in 17 countries.

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The UN was not the only organization to warn about North Korean hackers. The United Kingdom’s Royal Institute of Defense and Security Services (RUSI) has also confirmed an increase in illegal activities by the North Korean regime earlier this year.

Apparently, hacking reports and cyber raids started as early as 2017, before the glory period of Bitcoin. The attacks on South Korean exchanges have prompted authorities to impose extremely strict regulations on crypto platforms in the country.