N. Korea amassed $670 mn through global cyberthefts: Report

New York  :  Faced with harsh economic sanctions, North Korea has amassed around $670 million in foreign and virtual currency through cyberthefts, according to a UN panel, the Nikkei Asian Review reported on Friday.

Detailing for the first time on how North Korea acquires foreign currency through cyberattacks, a panel of experts told the UN Security Council's North Korea sanctions committee that Pyongyang has used Blockchain, the basic technology behind cryptocurrencies, to cover its tracks.

Virtual currencies "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", the panel was quoted as saying. 

The panel looked into North Korean-backed cyberattacks on foreign financial institutions from 2015 to 2018.

Economic sanctions imposed on North Korea over its nuclear and missile programmes have restricted Pyongyang's exports of coal, a key earner of foreign exchange.

North Korean companies also used social media platforms such as YouTube and Instagram to market the country's military equipment, said the report.

A summit between US President Donald Trump and North Korean leader Kim Jong-un ended on February 28 with no agreement after Washington refused Pyongyang's demands for economic sanctions relief.