The governor of the U.S. state of North Carolina has vetoed House Bill 690, which seeks to ban state payments using central bank digital currencies (CBDCs) and the state’s participation in the Federal Reserve’s CBDC testing. The governor argued the bill was premature and emphasized the need for more funding for cybersecurity. House Bill 690 […]
Bitcoin News
North Carolina Passes Bill to Block State Participation in Federal CBDC Testing
The General Assembly of the U.S. state of North Carolina has approved a bill that prevents the state from participating in the Federal Reserve’s testing of a central bank digital currency (CBDC). The General Assembly is North Carolina’s legislative body, comprising two chambers: the House of Representatives and the Senate. The bill passed with significant […]
Bitcoin News
North Korea’s Lazarus Group Exploited Defi Protocol Alex Lab for $4.3 Million, Probe Reveals
Bitcoin layer-two developer Alex Lab revealed that an investigation linked the North Korea-linked Lazarus Group to the .3 million exploit that occurred on May 16. Alex Lab has facilitated communication between the Singapore Police Force and relevant cryptocurrency exchanges as part of the ongoing investigation. Alex Lab Collaborates With Law Enforcement in .3M Hack Investigation […]
Bitcoin News
Nigerian Interest in Crypto Persists Despite Crackdown; Meme Coins Prevail in Country’s North
In the northern states of Katsina and Borno, residents are increasingly interested in the meme coin dogecoin. Meanwhile, in Delta State, known for its financial services leaders, bitcoin garners significant attention. A Nigerian lawyer has called on authorities to implement cryptocurrency regulations if they aim to have an impact on the industry. USDT Favored in […]
Bitcoin News
North Korean Hacker Group Targets South Korean Crypto Firms With New ‘Durian’ Malware
The North Korean hacker organization Kimsuky has employed a new malware named “Durian” in targeted cyber attacks against at least two South Korean cryptocurrency companies, according to a report by cybersecurity firm Kaspersky. This malware variant, characterized by its multifunctional backdoor capabilities, was distributed through exploiting legitimate security software specific to South Korean crypto firms, […]
Bitcoin News
279 Crypto Accounts Forfeited to US Government in North Korean Laundering Crackdown
The U.S. District Court for the District of Columbia has ordered the forfeiture of 279 cryptocurrency accounts containing funds linked to alleged hacks of crypto exchanges by North Korean operatives. This measure is a component of a broader U.S. effort aimed at dismantling cyber operations that finance North Korea’s nuclear and missile initiatives. The decision […]
Bitcoin News
ceτi AI Acquires Big Energy Investments Inc. to Boost Its High-Performance Computing Capabilities in North America
PRESS RELEASE. Vancouver, Canada — April 18th, 2024 – ceτi AI, a leader in decentralized artificial intelligence infrastructure, is pleased to announce its acquisition of Canadian company Big Energy Investments Inc., a firm specializing in strategic investment in high-performance computing infrastructure. This acquisition marks a significant first step in ceτi AI’s strategy to advance the […]
Bitcoin News
UN Report: Crypto Crime Provided North Korea up to Half of Its Foreign Currency Income
A report issued by a United Nations panel of experts has concluded that cyber crypto heists have provided 50% of the foreign currency income for North Korea since 2017. The report indicated that North Korean actors have been linked to 17 theft and hack events involving over 0 million in 2023 alone, and details several […]
Bitcoin News
UN Sanctions Inspectors Probe Alleged North Korean Cyberattacks Targeting Crypto Firms
United Nations (UN) sanctions monitors are reportedly investigating specific cases of hacking attacks allegedly carried out by North Korea-affiliated hackers between 2017 and 2023. Besides attacking decentralized finance platforms, the UN monitors alleged that North Korea-affiliated hackers are targeting defense companies and supply chains. Hackers Rake in Billion in Six Years The United Nations […]
Bitcoin News
UN Accuses North Korea Of $3B Crypto Theft To Fund Nuclear Weapons Program
In a recently reviewed unpublished report by Reuters, United Nations (UN) sanctions monitors have alleged that North Korea engaged in a massive theft of crypto assets, raking in billion through cyberattacks.
Nuclear Upgrades And Crypto Cyberattacks Unveiled
According to Reuters, the independent panel of sanctions monitors revealed that despite international sanctions, North Korea continued to defy regulations by enhancing its nuclear arsenal and producing nuclear fissile materials.
The monitors further noted that the country conducted ballistic missile launches, deployed a “tactical nuclear attack submarine,” and even placed a satellite into orbit.
The UN report points to 58 suspected cyberattacks on crypto-related companies between 2017 and 2023, valued at approximately billion. These attacks allegedly provided crucial funding for North Korea’s weapons of mass destruction (WMD) development.
The report states that hacking groups affiliated with the Reconnaissance General Bureau, North Korea’s primary foreign intelligence agency, were responsible for these cyber assaults.
The monitors highlighted the increasing trend of North Korea targeting defense companies and supply chains and collaborating with other actors by sharing infrastructure and tools. The report also raises concerns about reports of North Korea supplying conventional arms and munitions, which contravenes existing sanctions.
While the UN report is set to be released publicly later this month or early next, North Korea’s mission to the United Nations has not yet responded to requests for comment on the sanctions monitors’ allegations.
The Security Council, traditionally deadlocked on the issue, is unlikely to take immediate action against North Korea, according to Reuters.
China and Russia have advocated for easing the sanctions to “persuade” North Korea to return to denuclearization talks. Furthermore, Russia and North Korea have recently pledged to strengthen military relations, although both countries deny allegations of weapons supply.
North Korea’s Illicit Trade
Per the report, North Korea has slowly begun to emerge despite the lockdown imposed amid the COVID-19 pandemic. The UN report reveals signs of trade recovery, with a higher trade volume in 2023 compared to 2022.
Notably, the United Nations monitors noted the reappearance of foreign consumer goods, including potential luxury items prohibited under Security Council sanctions.
The sanctions monitors also investigated reports of numerous North Korean nationals working overseas violating sanctions, particularly in information technology, restaurants, and construction sectors. These individuals were found to earn income that benefited the North Korean government.
In addition, the report highlights North Korea’s continued access to the international financial system and engagement in illicit financial activities, including crypto assets, in defiance of UN Security Council resolutions.
Featured image from Shutterstock, chart from TradingView.com