North Korea Using Crypto Mining to Fund Military; UN Investigations Underway

Published August 13, 2019 | Updated August 13, 2019

Cyber attack
Cyber attack

North Korea Using Crypto Mining to Fund Military; UN Investigations Underway

The United Nations (UN) is investigating 35 North Korea cyber attacks in 17 countries, according to an article published by the Associated Press. The news comes after a list of countries including South Korea, India, Bangladesh, and Chile were reported to have become the victims of malicious cyber attacks originating from North Korea.

As more nations become the victims of malicious cyber attacks traceable to North Korea, the United Nations has swung into action to tackle the growing problem and has reportedly been able to identify the various modes of operation of the hackers in question.

North Korea May Be Mining Cryptos To Fund Military Branches

According to the report, one of the ways in which the hackers operate is by launching attacks on both cryptocurrency exchanges and users to take control of cryptocurrency wallets with the aim to steal valuable cryptocurrencies like bitcoins. Another known method is by crypto mining activities for funding professional military branches.

According to the article, investigations also revealed cases of “cryptojacking” in which malware is used to illicitly take control of computer systems to gain computational power for generating cryptocurrency. Previously, a report had analyzed a piece of malware designed to mine the cryptocurrency Monero “and send any mined currency to servers located at Kim Il-sung University in Pyongyang”.

North Korean Hackers Stole $58 Million From Bithumb

As per users and exchange attacks, one of the neighboring country’s big cryptocurrency exchanges, Bithumb has reportedly fallen victim on at least 4 different occasions between 2017 to 2019, losing about $58 million in the process. The first two attacks were launched in 2017. The exchange had lost around $7 million to the attack at the time. About a year later, another attack was launched in which the hackers made away with about $30 million before finally launching the latest one in March 2019. The 2019 attack claimed $20 million from the exchange.

North Korea Stealing Funds To Build Weapons

More countries keep lodging reports of illicit cyber activities of North Korean origin. According to a report by the U.N. Security Council North Korea sanctions committee published about a week ago, North Korea has used “widespread and increasingly sophisticated” cryptocurrency hacks to collect roughly $2 billion. These funds were reportedly used to fund its various weapons of mass destruction.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Dare Shonubi 247 Articles
Staff writer at Coingape. Certified cryptocurrency expert and Blockchain journalist covering crypto market analysis and general Blockchain adoption and development. You can follow me on Twitter at @ShonubiDare or reach out to me at dare[at]
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