Uncovering the Motives Behind North Korea’s Crypto Conference

On Jan. 15, the United Nations warned that attending North Korea’s cryptocurrency conference in February will likely constitute a sanctions violation. According to Reuters, this notice was issued in a confidential report that will be submitted to the U.N. Security Council later this month.

The warning comes after a series of events sparked suspicion around North Korea’s growing interest in blockchain and cryptocurrency. In August, a panel monitoring the enforcement of U.N. sanctions reported that North Korean agents have generated about $2 billion by stealing money from financial institutions and cryptocurrency exchanges. The leaked report notes that North Korea is planning to use the money for its weapons of mass destruction programs, creating a significant cause for concern.

North Korea has been under U.N. sanctions since its first nuclear test in 2006. The country faces sanctions on trade bans of weapons-related materials and goods alongside those covering financial assets…