A new report by a panel of experts from The United Nations (UN) Security Council has shown that North Korea was responsible for a string of cyber attacks that happened last year. The attacks specifically targeted multiple cryptocurrency exchanges.
The report emphasizes that the North Korea-sponsored attacker groups mainly carried out on crypto to avoid being tracked by authorities.
The big picture
Why it matters - The UN report highlighted how these attacks helped the North Korean government avoid legal barriers in financial transactions.
“Cyberattacks by the Democratic People’s Republic of Korea to illegally force the transfer of funds have become an important tool in the evasion of sanctions and have grown in sophistication and scale since 2016,” the report mentioned.
Apart from cryptocurrency exchanges, other attacks were also directed at financial institutions on an international level with advanced techniques.
“What stands out [from the report] are the amounts of money involved and the sheer scope of the operations, [which are] highly coordinated and disciplined. The ability to breach banking security is extremely worrying and raises broader questions,” Hugh Griffiths of the UN panel told CyberScoop.