September 09, 2019 10:16
North Korea has developed sophisticated ways to evade UN Security Council sanctions by improving cyberattacks on cryptocurrency exchanges and diversifying ship-to-ship transfers of goods, a UN report warns.
The North earns hard currency by infecting victims' computers with malware to mine a cryptocurrency called Monero and send it back to Pyongyang, according to the half-year report by the UN Security Council Sanctions Committee on North Korea last Thursday.
The pilfered cryptocurrency is sent to a server at Kim Il-sung University in Pyongyang.
"Given the increased anonymity of Monero [this] incident suggests the increasingly sophisticated use of cryptojacking" by North Korea, the report said.
It recommends that the UNSC "should ensure that their regulation covers virtual currency and non-banking financial institutions and money service businesses, including cryptocurrency exchanges."
Meanwhile, the U.S. National Security Agency is expected to launch a new bureau on Oct. 1 to deal with cyberattacks from foreign countries like North Korea.
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