Crypto market crash wipes out millions from North Korea's stolen crypto funds
While North Korea leads the world in crypto crime, crypto analytic firms have estimated that DPRK hackers have found it increasingly difficult to launder stolen crypto funds. North Korea leads the world in crypto crime, with over 15 documented instances of cyber theft amounting to $1.59 billion in stolen funds. However, the recent crypto market turmoil has wiped out millions of dollars from the country’s stolen crypto portfolio.The crypto market rundown that started in May wiped out hundreds of billions of dollars from the crypto industry, where most of the crypto assets fell by over 70%....
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The recent plunge in the value of cryptocurrencies may have wiped out millions from North Korea’s fund comprised of stolen crypto assets. The diminishing value of cryptocurrencies is believed to be affecting Pyongyang’s ability to fund its weapons programs.
Stolen Crypto Assets and North Korea’s Weapons Programs
The recent crash of the crypto market may have wiped out millions of dollars in value from North Korea’s fund of stolen cryptocurrency, digital asset investigators have said. The drop in value of the crypto assets could supposedly threaten....
Regarding cryptocurrency cybercrimes and attacks, North Korea is a notable region with increased activities. Many groups are posing high threats through their attack on some crypto protocols. Also, a report in June disclosed that North Korea has 7 million active hackers. Many stolen funds running into millions of dollars have been traced back to the North Korean attacks. Also, most stolen funds are allegedly used for sponsoring different war weapons, suicide bombings, and other crimes. North Korea is notably struggling with some economic sanctions that have drastically limited most....
But the threats by North Korea extend to the cyberspace department as well. South Korean officials claim the North has “an effective cyber army”, which has been responsible for various attacks over the past few years. The war between North Korea and South Korea is still going on behind the scenes to this very day. A new report surfaced as to how North Korean hackers stole data of over 10 million South Korean shoppers. While these claims have yet to be proven, the police are investigating the data breach. Once again, this is a clear example of how more secure solutions are needed to....
U.N. experts estimate that over $316 million in crypto was stolen by North Korea-linked hackers last year.
Hackers from North Korea have nearly doubled their thefts since 2019 by amassing $400 million in crypto via cyber attack in 2021. North Korean crypto hackers siphoned off nearly $400 million in crypto through cyber attacks in 2021 according to new data from Chainalysis.The type of crypto stolen has also seen a sea change according to the Jan. 13 report from the blockchain analytics firm. In 2017, BTC accounted for nearly all the crypto stolen by the DPRK, but it now accounts for just one fifth:“In 2021, only 20% of the stolen funds were Bitcoin, whereas 22% were either ERC-20 tokens or....