North Korea employs money laundering process, says Chainalysis why?

North Korea has continued to develop its nuclear and ballistic missile programs over the past, year and cyberattacks on cryptocurrency exchanges appear to have been an important revenue source for the country, according to an excerpt of a United Nations report that cites cybersecurity professionals. Investigators found that cyberattacks stole digital assets worth more than $50 million (roughly Rs. 373.5 crore) between 2020 and mid-2021 from at least three cryptocurrency exchanges in North America, Europe, and Asia.

 The report was submitted by independent sanctions monitors last week to the United Nations Security Council North Korea sanctions committee, but was viewed by Reuters. The confidential report claims that there has been "a marked acceleration" of North Korea's testing and demonstration of new short-range and possibly medium-range missiles in January, "incorporating both ballistic and guidance technologies and using both solid and liquid propellants" — all majorly sourced through cyberattacks, of which, cryptocurrency exchanges have also been a key target.

 The report also mentions an estimate provided by blockchain analysis company Chain analysis in its latest Crypto Crime report which states that North Korea launched at least seven attacks on cryptocurrency platforms, extorting nearly $400-million (roughly Rs. 2,990 crore) worth of digital assets in 2021.“These attacks targeted primarily investment firms and centralized exchanges,” the firm explained in an excerpt of its 2022 Crypto Crime report. The hackers "made use of phishing lures, code exploits, malware, and advanced social engineering" to siphon funds from companies' hot wallets into the addresses controlled by the Democratic People's Republic of Korea (DPRK), Chain analysis  added, elaborating, "Once North Korea gained custody of the funds, they began a careful laundering process to cover up and cash out."   The report was submitted by independent sanctions monitors last week to the United Nations Security Council North Korea sanctions committee, but was viewed by Reuters. The confidential report claims that there has been "a marked acceleration" of North Korea's testing and demonstration of new short-range and possibly medium-range missiles in January, "incorporating both ballistic and guidance technologies and using both solid and liquid propellants" — all majorly sourced through cyberattacks, of which, cryptocurrency exchanges have also been a key target. The report also mentions an estimate provided by blockchain analysis company Chain analysis in its latest Crypto Crime report which states that North Korea launched at least seven attacks on cryptocurrency platforms, extorting nearly $400-million (roughly Rs. 2,990 crore) worth of digital assets in 2021.  The confidential report claims that there has been "a marked acceleration" of North Korea's testing and demonstration of new short-range and possibly medium-range missiles in January, "incorporating both ballistic and guidance technologies and using both solid and liquid propellants" — all majorly sourced through cyberattacks, of which, cryptocurrency exchanges have also been a key target.