The U.N. Security Council has heard that North Korea uses cyberattacks and blockchain technology to evade economic sanctions and obtain foreign currency. Through hacking, the reclusive Republic has raked in around $670 million in foreign exchange and cryptocurrency, a panel of experts told the Security Council’s North Korea sanctions committee, ahead of the council’s annual report.

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Crypto Exchanges and Financial Institutions Hacked

Pyongyang is reeling from a slew of economic sanctions imposed by the U.N. at the request of the United States over its nuclear and missile programs. The embargo has crippled North Korea’s coal exports, a major foreign exchange earner.

According to the Nikkei Asian Review, which claims to have obtained the panel’s report, the North cyberattacked overseas financial companies from 2015 to 2018, and used blockchain technology to cover its tracks.

Between January 2017 and September 2018, the Democratic People’s Republic of…

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Source: https://thebitcoinnews.com/un-panel-north-korea-hacked-571m-from-asian-crypto-exchanges/