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North Korea has lost “millions of dollars” stolen by hackers due to the collapse of the cryptocurrency market. Citing sources, Reuters writes that this jeopardizes the financing of
North Korea has lost “millions of dollars” stolen by hackers due to the collapse of the cryptocurrency market. Citing sources, Reuters writes that this jeopardizes the financing of the weapons program.
Two unnamed South Korean government interlocutors said the bear market amid a wider economic downturn has made it difficult for Pyongyang to monetize its hacker attacks. According to them, this could potentially affect the funding of military development and testing.
Journalists noted that the value of non-laundered North Korean cryptocurrencies tracked by Chainalysis dropped from $170 million to $65 million. This category includes funds stolen as a result of 49 hacks from 2017 to 2021.
According to TRM Labs analyst Nick Carlsen, a North Korea-linked wallet has lost between 80% and 85% of its value in the past few weeks. Experts do not disclose what digital assets the DPRK officials have, as it could reveal investigation methods.
An employee of the North Korean embassy in London described the alleged attacks on cryptocurrency projects as “fake” in a comment to Reuters.
Earlier, Chainalysis estimated that in 2021, hackers from the DPRK carried out at least seven cyberattacks on cryptocurrency platforms, during which they stole nearly $400 million worth of digital assets.
According to the UN, the DPRK funds the development of nuclear programs by hacking bitcoin exchanges.
April 2022 OFAC Added an address allegedly related to the Lazarus hacker group to the sanctions list. It has been flagged in connection with the attack on the Ronin sidechain, the largest hack in DeFi history.
Later, US officials announced that North Korean hackers targeted the cryptocurrency and blockchain industries, including exchanges, DeFi protocols, venture funds, individual large crypto asset holders, and NFTs.
Recall that in May the Treasury, the State Department and the US FBI warned about the involvement of IT specialists from the DPRK in the development of crypto projects. According to officials, Pyongyang directs the proceeds they receive to finance weapons programs.
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Source: Fork Log
I’m Sandra Torres, a passionate journalist and content creator. My specialty lies in covering the latest gadgets, trends and tech news for Div Bracket. With over 5 years of experience as a professional writer, I have built up an impressive portfolio of published works that showcase my expertise in this field.
