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$400M worth of cryptocurrency stolen by North Korean hackers

Pyongyang is accused of using stolen funds to support its nuclear and ballistic missile programmes to circumvent sanctions.

North Korea has launched at least seven attacks on cryptocurrency platforms that extracted nearly $400 million worth of digital assets last year, one of its most successful years on record.

“From 2020 to 2021, the number of North Korean-linked hacks jumped from four to seven, and the value extracted from these hacks grew by 40 percent,” said the report, which was released on Thursday.

“Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out,” the report added.

A United Nations panel of experts that monitors sanctions on North Korea has accused Pyongyang of using stolen funds to support its nuclear and ballistic missile programmes to circumvent sanctions.

North Korea does not respond to media inquiries, but has previously released statements denying allegations of hacking.

Last year the United States charged three North Korean computer programmers working for the country’s intelligence service with a massive, years-long hacking spree aimed at stealing more than $1.3 billion in money and cryptocurrency, affecting companies from banks to Hollywood movie studios.

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