North Korea in great loss as it loses millions of dollars cryptocurrency, money meant for military project
In recent years, North Korea has invested a lot of resources to steal cryptocurrencies to obtain military funds. However, due to the recent plunge in the cryptocurrency market, millions of dollars in currency funds stolen by North Korean hackers but not yet cashed have been lost, seriously impacting the main source of funds for the weapons program.

With North Korea under international sanctions over its nuclear weapons program and limited access to global trade or other sources of income, stealing cryptocurrencies is the quickest and most convenient method.

In March of this year, North Korea triggered a large-scale cryptocurrency robbery. At least nearly $615 million in cryptocurrency was stolen. Of the $400 million stolen last year in 2021, ether accounted for 58%, or about $230 million.

Eric Penton-Voak, coordinator of the U.N. Panel of Experts Overseeing Sanctions, said cyberattacks have become the basis for North Korea to evade sanctions and raise funds for military weapons.

However, a South Korean government source said that due to the economic slowdown, the cryptocurrency market has plummeted, making it difficult for North Korea to profit from stealing currency and affecting the funding of weapons programs.

Blockchain analysis firm Chainalysis also found that the value of cryptocurrency funds currently held by North Korea that have not been laundered has fallen from $170 million to $65 million since the beginning of the year.

At present, Chainalysis says that it has not observed any changes in North Korean crypto-theft behavior, and speculates for the time being that North Korea will not give up stealing cryptocurrencies.


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