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- UN confidential report accuses North Korea to steal $281 Million in cyberattacks during September 2020
- UN supposes that North Korea conducted the robbery to fund its Nuclear Weapon and Missile Programs
- Whale Alert, the crypto data firm, believes the UN report points to the KuCoin hack of September 2020
- The reported loss in KuCoin hack was $285M, which is significantly similar to the presently encountered loss of $281M
According to the findings from the United Nations confidential report, North Korea is accused of stealing $281 Million from a crypto exchange during September 2020.
Reuters affirmed that UN Security Council members author the confidential report. And, the investigation conducted by them strongly reflects upon the connection of cyber attacks with North Korea. Reuters quoted the report and stated the
KuCoin Hack of September 2020
Reuters also mentioned that the North Korean state escorted the cyberattack to fund their banned Nuclear Weapon and Missile Programs. The report highlights some concrete facts about victim exchange, but the crypto data firm Whale Alert comprehends that the report may refer to the September 2020 KuCoin hack case. The loss estimated at the KuCoin hack was nearly similar— $275 million.
After the incident occurred, Tether and other crypto exchanges froze all the assets associated with the attack. This prevented nearly 22% of breached funds from being stolen. However, KuCoin reported recovering almost 80% of the encountered loss.
Continued Cyberattacks in North Korea
Since 2019, North Korea has allegedly stolen over $2 Billion through cyberattacks and everything they have done was to fund the banned nuclear projects, which certainly is not ethical. Another scam that the UN highlighted is stealing of $316.3 Million worth of digital assets between 2019 and 2020. Suggesting a further theft of $36 million worth of crypto over the ongoing KuCoin hack through the time.
UN Should Take Action Against North Korea
In January 2021, at a crypto conference in Pyongyang, a United States Federal judge stated that an Ethereum developer is alleged to help North Korea evade sanctions. However, he will have to face the jury soon.
Observing the continuity of scams and cyberattacks in North Korea, it becomes crucial that the United Nations implements a robust investigation against the North Korean state. Moreover, it also gets dangerous for the entire world because North Korea is funding its banned Nuclear and Missile Projects.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
