North Korea raising money for missile program through cryptocurrency - Daily Current fairs

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Thursday, 8 August 2019

North Korea raising money for missile program through cryptocurrency

North Korea raising money for missile program through cryptocurrency

Despite UN sanctions, North Korea is not deterred from missile testing. To raise funds for its weapons program, it is resorting to cyber attacks on financial institutions and cryptocurrency exchanges. This has been claimed in a confidential United Nations (UN) report leaked on Tuesday.

Collected 120 billion rupees

The 33-page UN report says, "North Korea's cyber attackers are targeting financial institutions and cryptocurrency exchanges." They have collected an estimated two billion dollars (about 120 billion rupees) for the country's genocidal weapons program. 'The report comes amid the fourth missile test conducted by North Korea in the last two weeks on Tuesday.

Source identification difficult

According to UN officials, Pyongyang is resorting to highly intricate cyber attacks to make international sanctions invalid. He is raising money from the cryptocurrency exchange on a large scale, as he knows that it is not only difficult to find out the sources of cryptocurrency, but governments also have less control over it than traditional banking institutions.

Transfer of funds from small boats

The report also said that North Korea is also active in the legalization of illegal funds raised from financial institutions and cryptocurrency exchanges. He is taking the help of small boats to transfer money. Not only this, the North Korean companies operating abroad are still engaged in the task of bargaining for conventional weapons and acquiring new technology under diplomatic cover.

Neutralize oil ban

UN officials have claimed based on intelligence data that the annual export limit of five million barrels of petroleum products to North Korea is proving to be ineffective. More petroleum products have reached Pyongyang in the first four months of 2019. 30 bank officials operating abroad are paying petroleum products through illegal accounts.

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