A recent UN report suggests that North Korea was behind a series of massive cyberattacks on banks and cryptocurrency exchanges that netted an estimated $2 billion for the programs . North Korea denies these allegations.
On Sunday, Reuters released a report by North Korea's National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism, which accuses the U.S. and "other hostile forces" of "spreading fake news."
“Such a spurious news from hostile forces is nothing but a kind of ugly game that aims to tarnish the image of our Republic and to find justifications for sanctions and pressure campaigns against the People's Republic of Korea”, said the agency's spokesperson. The news were reported for the first time by the state news agency of North Korea, KCNA.
The UN report - carried out by independent experts - said North Korea used "widespread and increasingly sophisticated" hacking to collect around $2 billion, via the internet.
According to information, experts are investigating “at least 35 reported incidents where the Democratic People’s Republic of Korea attacked financial institutions, cryptocurrency transactions and became involved in mining activities intended to siphon foreign currency” – activities covering about 17 countries. Many of the North Korean hackers are said to operate under the Reconnaissance General Bureau, an intelligence agency that handles illicit operations.
The attack on cryptocurrency markets allows North Korea to “generate income in ways that are more difficult to trace and subject to less state oversight and regulation than the traditional banking sector,” the UN report said.
The notorious hacking group Lazarushas claimed to work for the state and has been linked to major breaches in cryptocurrency markets, as well as attacks on the banking sector, including the theft of $81 million from Bangladesh's central bank three years ago.
