North Korea's aggressive strike on South Korean waters raises questions about its mysterious funding sources
As per Yonhap news agency, the residents of Yeonpyeong and Baengnyeong islands were advised to take shelter upon instructions from the South Korean military. The North Korean artillery barrage continued for about two hours, from 9 to 11 local time (equivalent to 5-7 PM Eastern Time). The South Korean military confirmed that none of the shells reached South Korean territory, and there were no reported losses or casualties.
10:23 AM EST, January 5, 2024
North Korea unleashes 200 shells at South Korea's border
This act is a provocation that intensifies tension and jeopardizes peace on the Korean Peninsula - stressed the press spokesman for the command of the South Korean armed forces. As a reaction to Pyongyang's aggressive actions, the South Korean military conducted live ammunition exercises, as the Ministry of Defense in Seoul revealed.
Funds for armament - a mystery
The funds the North Korean authorities allot for armament purposes are shrouded in secrecy. This matter was discussed in a 2022 report published by the United Nations, which suggested that these funds may originate from illegal sources, explicitly via the looting of cryptocurrencies by hackers. The UN highlighted that North Korea stole $85 million in just one attack on the central bank of Bangladesh. Chainalysis, a security sector research company, speculated that North Korea might have managed to steal up to $400 million through cyberattacks.
Trade, predominantly with China, also contributes to Kim Jong Un's income. As per figures from South Korea, North Korea's foreign trade hit the $7.6 billion mark midway through the current decade. It's worth noting that North Korea is a prominent global producer of high-quality anthracite coal.
