The panel said cryptocurrencies “provide the Democratic People’s Republic of Korea with more ways to evade sanctions, given that they are harder to trace, can be laundered many times and are independent from government regulation.”
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Cyber attacks on cryptocurrency exchanges and financial institutions have helped North Korea boost its illicit funds, while blockchain technology has helped conceal its actions from foreign governments.
The report, first obtained by the Nikkei Asian Review, appears to substantiate other investigations into how North Korea uses the technology to support its regime.
“Broadly, these types of cryptocurrency scams fit the template of low-level financial crime described by defectors,” the report stated.
“It is a natural step for both a group of actors that has been so embedded in the cryptocurrency world for years and for a network that is being forced to innovate new funding streams to counter the effects of international sanctions.”
Another investigation by security researchers at AlienVault uncovered a so-called crypto-jacking campaign, whereby state-back hackers allegedly hijacked foreign computer networks in order to secretly mine cryptocurrency.
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