As price of bitcoin soared last year, North Korean hackers stole US$316 million in cryptocurrency

The North is known to operate an army of thousands of well-trained hackers who have attacked firms, institutions and researchers in South Korea and elsewhere

Pyongyang’s cyberwarfare abilities first came to global prominence in 2014 when it was accused of hacking into Sony Pictures

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North Korean leader Kim Jong-un. Photo: dpa

Published: 1:48pm, 10 Feb 2021Updated: 9:45pm, 10 Feb 2021

North Korea has stolen more than US$300 million worth of cryptocurrencies through cyberattacks in recent months to support its banned nuclear and ballistic missile programmes, a confidential UN report said.

Compiled by a panel of experts monitoring sanctions on Pyongyang, the report said the country’s “total theft of virtual assets from 2019 to November 2020 is valued at approximately US$316.4 million”, citing a UN member state.

Financial institutions and exchanges were hacked to generate revenue for Pyongyang’s nuclear and missile development, the report said. The vast majority of the proceeds came from two thefts late last year.

The North is known to operate an army of thousands of well-trained hackers who have attacked firms, institutions and researchers in South Korea and elsewhere. It has also been accused of exploiting its cyber capabilities for financial gain.

The North is under multiple sets of international sanctions over its banned nuclear weapons and ballistic missile programmes, which have made rapid progress under leader Kim Jong-un.

A summit between Kim and then-US president Donald Trump in Hanoi in February 2019 broke down over sanctions relief and what Pyongyang would be willing to give up in return. Nuclear talks have been stalled ever since, while the North showed off several new missiles at military parades in October and last month, when Kim pledged to strengthen his nuclear arsenal.