The United Nations pretty much accused North Korea of having been involved in operations that hacked crypto exchanges. According to a report compiled by an expert panel of the UN Security Council’s North Korean Sanctions Committee “strongly suggests” a connection between North Korea and the hacking of several crypto exchanges.
“Analysis of the attack vector and subsequent attempts to launder fraudulent earnings strongly suggests a link with North Korea.”
The UN report alleges that North Korea used the crypto it stole for its nuclear development, which is in clear violation of the UN laws and rules.
The UN report doesn’t go into details about the exchanges that were hacked, but Frank von Weert, a whale alert for crypto data analysis has an idea.
Weert believes that KuCoin was hacked by North Korea in September 2020. Chainalysis has evaluated that the outflow from this crypto exchange is $275 million. In the meantime, KuCoin made it official that it had managed to recover around 80% of the outflow.
“Attackers have abused the” DeFi “protocol, a smart contract that facilitates automated trading.”
A UN report from 2019 mentions that North Korea could have generated close to $2 billion via “widespread and increasingly sophisticated” cyberattacks on banks and cryptocurrencies.
The UN also reported that a UN member state managed to steal $316.3 million worth of crypto between 2019 and the end of 2020.
Source: atozmarkets.com