The latest U.N. report suggesting North Korea was responsible for hacking banks and cryptocurrency exchanges to fund the country’s weapons programs by approximately $2 billion has been denied. North Korea refuses to admit it hacked two billion in fiat and crypto.
Last week, Reuters revealed that a report by the DPRK National Coordination Committee on Anti-Money Laundering and Countering Terrorism Financing, accused the U.S. and “other hostile forces” of “spreading ill-hearted rumors.”
The agency said via a spokesperson:
“Such a fabrication by the hostile forces is nothing but a sort of a nasty game. It is aimed at tarnishing the image of our Republic and finding justification for sanctions. Also, to pressure campaign against the DPRK.”
The North Korea Sanctions Committee Security Council said at the end of July. It said that North Korea used “extensive and progressively advanced” hacks. This is to obtain about $2 billion, which was then laundered on the web.
With activities spanning around 17 nations, it is reported that the experts are investigating “at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity programmed to earn foreign currency.”
Many of the hackers in North Korea are said to work under the General Bureau of Reconnaissance. It is an intelligence agency that handles clandestine operations.
Attacking crypto exchanges allows North Korea “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector,” the U.N. report said.
It was claimed that Lazarus was linked to major crypto-exchange breaches as well as the attacks in the banking world. This includes an $81 million hack by the Bangladesh Central Bank three years ago.