Wednesday, January 27, 2021

North Korea raises $ 2 billion through cyber attacks

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]

North Korea is alleged to have raised about US $ 2 billion stolen through sophisticated cyber attacks aimed at making the United Nations (WMD) missile program successful, a United Nations (UN) secret report said on Monday.

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Pyongyang is also charged with continuing to upgrade its nuclear and missile programs even if it has not conducted any nuclear tests or launched an Intercontinental Missile (ICBM), the report told the North Korean sanctions committee, the UN Security Council.

The independent expert committee has been monitoring North Korea’s level of compliance for the past six months.

The North Korean mission to the UN however declined to comment further on a report sent to the Security Council last week.

Read also: Seoul and Washington launches joint military exercises despite North Korean criticism

The UN experts said North Korea uses the cyber space to launch attacks to steal funds from financial institutions and crypto currencies in exchange for income.

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North Korea also used the cyber space to change the stolen money, the report said.

“Most of the cyber-criminals of the People’s Democratic Republic of Korea (DPRK) operate under the direction of the Public Spy Bureau (RGB), North Korea’s leading military intelligence agency,” The report said.

To date, experts are investigating at least 35 reports involving cyber criminals attacking financial institutions, crypto currencies and mining activities in 17 countries from North Korea.

He said that despite various diplomatic efforts, they continued to violate UN sanctions including illegal shipwrecks, procurement of WMD-related goods and luxury goods.

At the same time, the FBI reiterated the U.N. view that North Korea was deliberately stealing money in order to counter the effects of international sanctions, which the report now said were likely to remain due to a lack of progress with US talks.

Read also: Trump weighs less on North Korean fourth missile test

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Adil Ghaffar
Adil Ghaffar
Experienced Chief Executive Officer with a demonstrated history of working in the financial services' industry. Skilled in Negotiation, Business Planning, Microsoft Word, Accounting, and Team Building. Strong business development professional with an ACA focused in Accounting and Finance from institute of chartered accountants of Pakistan. Contact: [email protected]
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