N Korea stole $300m in crypto to fund nukes

SEOUL: North Korea has stolen more than $300 million worth of cryptocurrencies through cyberattacks in recent months to support its banned nuclear and ballistic missile programmes, a confidential UN report said.

Compiled by a panel of experts monitoring sanctions on Pyongyang, the report said the country’s "total theft of virtual assets from 2019 to November 2020 is valued at approximately $316.4 million", citing a UN member state.

Financial institutions and exchanges were hacked to generate revenue for Pyongyang’s nuclear and missile development, said the report, which was seen by AFP. The vast majority of the proceeds came from two thefts late last year. The North is known to operate an army of thousands of well-trained hackers who have attacked firms, institutions and researchers in South Korea and elsewhere.