North Korea denies it hacked USD 2 bln worth of fiat and cryptocurrencies

Tuesday 3 September 2019 10:17 CET | News

North Korea has denied a recent U.N. report suggesting it was behind major hacks of banks and cryptocurrency exchanges that reaped around USD 2 billion.

Reuters reported that a statement from the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism accused the US and ‘other hostile forces’ of ‘spreading ill-hearted rumors’. The U.N. report said that North Korea has used ‘widespread and increasingly sophisticated’ hacks to collect roughly USD 2 billion, which is laundered over the web.

Moreover, at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges, and mining activity designed to earn foreign currency are reportedly investigated by experts. Many of North Korea’s hackers are said to operate under the Reconnaissance General Bureau, an intelligence agency that handles clandestine operations.

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Keywords: North Korea, hacks, Fiat, cryptocurrency, banks, exchanges, AML, fraud, financial institutions, mining
Countries: World