North Korea Used Stolen Crypto to Fund Missile Program: Report

The estimate of $50 million is significantly lower than the $400 million identified by Chainalysis in a report released January.

North Korea used stolen crypto funds to help fund its missile development program, Reuters said, citing a report prepared for the United Nations.

“According to a member state, DPRK cyberactors stole more than $50 million between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe and Asia,” the report said, using the initials of the country’s formal name, the Democratic People’s Republic of Korea.
The confidential report on the nuclear and ballistic missile program is prepared annually and was presented to the U.N. Security Council’s North Korea sanctions committee on Friday.
The estimate is significantly lower than the $400 million identified by Chainalysis in a report released January. It’s also less than the $300 million found in the year-earlier U.N. report.

 

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Bonema Dickson

Bonema Dickson

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