Thu Mar 14, 2019, 01:13 PM

UN accuses NK of four-year crypto crime spree

United Nations Security Council panel has called for member states to share information regarding hacking and crypto-currency theft originating in North KoreaIn its annual report, the panel told the Security Council’s North Korea sanctions committee that the rogue nation had amassed more than US$670 million in crypto and foreign currencies via cybercrime and hacking. According to the Nikkei Asian Review, it was the first time the panel had provided details on how Pyongyang acquired illicit funds.

The UN experts advised members to enhance their ability to exchange information on North Korean cyber-attacks. The report claimed that North Korea had been actively waging war online against foreign financial institutions for the past four years. It was believed that the attacks had been orchestrated by a specialized division of the North Korean military backed by the Kim Jong Un regime.

The UN reports said South Korea had been one of the primary targets, with an estimated 10 million users compromised in one attack on an e-commerce site in the country. Here, ransomware was reportedly the weapon of choice as the hackers demanded $2.7 million in total for returning the stolen data.

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