North Korea Refutes Allegations of $2B Cyberattack on Crypto Exchanges and Banks

North Korea has denied recent allegations from the United Nations (UN) that it took part in a cyberattack on banks and cryptocurrency exchanges which generated about $2 billion.

The new report from North Korea published by Reuters accused the United States of spreading rumors. The statement made by the National Coordination Committee of the DPRK for Anti-Money Laundering and Countering the Financing of Terrorism spokesperson reads:

The United States and other hostile forces are now spreading ill-hearted rumors.[…] Such a fabrication by the hostile forces is nothing but a sort of a nasty game aimed at tarnishing the image of our Republic and finding justification for sanctions and pressure campaign against the DPRK.

Earlier in August, the UN reported that North Korea used “widespread and increasingly sophisticated” cyberattacks to amass $2 billion from banks and cryptocurrency exchanges.

UN claimed that North Korea was enhancing its nuclear and missile programs through stolen funds adding that the development was another bid to foster its Weapons of Mass Destruction (WMD) program.

The alleged North Korean hackers carried out their operations under the directive of the Reconnaissance General Bureau, a top North Korean military agency, the UN noted, adding that experts are investigating 35 instances across 17 countries in Asia, where the DPRK actors attacked.

The investigation so far, suggested that South Korea topped the list with ten separate attacks. India came second in the list with three strikes, while Bangladesh and Chile followed with two cases of the attack each.     

About thirteen countries also suffered one attack each, including Nigeria, Gambia, Costa Rica, Guatemala, South Africa, Kuwait, Liberia, Malaysia, Vietnam, Malta, Poland, Slovenia, and Tunisia.

The allegations against North Korea is reportedly due to its connection to a hacking group called Lazarus. The group was linked to $81 million cyber heists at the Bangladesh central bank and an attack on Sony’s Hollywood studio, according to Reuters.

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