U.N. experts point finger at North Korea for $281 million cyber theft, KuCoin likely victim


By Michelle Nichols and Raphael Satter
NEW YORK/WASHINGTON (Reuters) – A preliminary United Nations inquiry into the theft of $281 million worth of assets from a cryptocurrency exchange last September “strongly suggests” links to North Korea – with industry analysts pointing to Seychelles-based KuCoin as the victim of one of the largest reported digital currency heists.
A confidential report by independent sanctions monitors to U.N. Security Council members said blockchain transactions related to the hack also appeared to be tied to a second hack last October when $23 million was stolen.
“Preliminary analysis, based on the attack vectors and subsequent efforts to launder the illicit proceeds, strongly suggests links to the DPRK,” the monitors wrote, using North Korea’s formal name, the Democratic People’s Republic of Korea. They accuse Pyongyang of using stolen funds to support its nuclear and ballistic missile programs to …

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