Benzinga - The United Nations (UN) Security Council has disclosed findings from an investigation into North Korea’s sanction evasion tactics, revealing a significant portion of the country’s foreign currency earnings — approximately 50% — stem from cyberattacks on cryptocurrency-related firms.
These cyber operations have inflicted an estimated $3 billion in damages, spotlighting the regime’s reliance on digital theft as a major revenue source.
From July 2023 to January 2024, a panel of experts delved into North Korea’s adherence to international sanctions, uncovering sophisticated strategies to bypass these restrictions.
While the report carries no legal weight, it paved the way for potential new sanctions by the Security Council and its member states against entities or individuals found in violation.
The investigation further highlighted that nearly 40% of North Korea’s expenditures on weapons of mass destruction were financed through revenues from cyberattacks.
Defense companies have increasingly become targets, with evidence of hackers linked to the Reconnaissance General Bureau sharing resources and tools more frequently.
Additionally, the panel explored allegations of the Islamic organization Hamas utilizing weaponry produced by North Korea.
Read Next: Bitcoin, Altcoins Ready For Massive Gains, According To Analyst
Israeli investigations have identified the presence of North Korean missiles and anti-tank arms within Hamas’s arsenal.
North Korea has consistently refuted such claims, dismissing them as unfounded.
The report also sheds light on North Korea’s continued ballistic missile launches, with at least seven detected in the six months leading up to January 2024.
Notably, Japan reported the introduction of a “tactical nuclear attack submarine” capable of underwater assaults.
Despite the imposition of economic sanctions aimed at curtailing North Korea’s nuclear ambitions — through fund inflow restrictions and bans on certain imports and exports — the country managed to engage in sanctioned trade activities.
These include importing refined petroleum products and exporting luxury goods, leading to a trade volume in 2023 that surpassed figures from the previous year.
Read Next: Should You Stay Or Should You Go? Bitcoin Spot ETFs Hemorrhaging Cash On 4 Consecutive Days
Photo: Shutterstock
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.