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.

AccessTimeIconFeb 7, 2022 at 2:52 p.m. UTC
Updated May 11, 2023 at 4:10 p.m. UTC

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.


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Sheldon Reback

Sheldon Reback is a CoinDesk news editor based in London. He owns a small amount of ether.

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