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 in 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 says, 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 last year's U.N. report.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.