United Nations Report Indicates that North Korea’s Nuclear Weapons were Funded by Cyber Attacks
A privileged United Nations report confirms what everybody was suspecting so far: North Korea has been funding their nuclear program through orchestrated cyber-attacks from hacker groups set up and funded by the government. Reportedly, the cyber attacks have yielded North Korea almost $2 billion in random. The report further suggests that Kim Jong Un has continued to develop weapons of mass destruction without any major tests which would’ve caught the United States’ eye, as reported by Reuters, August 5, 2019.
Cyber Warfare Goes International
Suspicions that the cyber ransoms traced back to North Korea were part of a government conspiracy have been confirmed by the United Nations.
North Korea’s ambassador to the United Nations did not respond to comments based on the documents submitted to the security council. The specialist committee that drafted the report believed the autocratic nation was using cyberattacks as a way to launch complicated attacks to steal money from financial institutions and cryptocurrency exchanges.
In addition to these charges, it is believed they utilized anonymous cryptocurrency to launder their money. The North Korean economy is opaque and the financial state and inner dealings of the country are unknown, barring a few individuals at the top of the chain.
The rationale for targeting exchanges is likely because of their grey area from a regulatory standpoint. As governments are involved directly, it is easier for them to get away with these crimes. However, if a stock exchange was targeted, you can bet the government would be on their trail like a cat to a mouse.
The United States and North Korea have agreed to resume talks that aim to force Pyongyang’s hand in surrendering their nuclear arms. This development could affect the nature of the United States stance and force them to tear down the friendly facade for a more stringent approach.
Crypto Should Focus on Security
Exchanges, in general, have been the victim of most major hacks as they are forced to keep a portion of their funds in a hot wallet to provide online liquidity.
For the most part, advances in cybersecurity have focused on cold storage and offline models. Hot wallets, as the main target for hacks, need major innovation to prevent the sheer magnitude of hacks we have seen thus far.