Home CryptoCurrency News Report: Crypto Market Crash Wipes Millions of Dollars From North Korea’s Kitty of Stolen Cryptocurrencies
CryptoCurrency News - July 1, 2022

Report: Crypto Market Crash Wipes Millions of Dollars From North Korea’s Kitty of Stolen Cryptocurrencies

Report: Crypto Market Crash Wipes Millions of Dollars From North Korea’s Kitty of Stolen Cryptocurrencies

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 the country which reportedly relies on stolen digital assets to fund its programs.

According to a Reuters report, which quotes unnamed sources in the South Korean government, the bearish market will likely complicate North Korea’s ability to fund its weapons programs. The Seoul-based Korea Institute for Defense Analyses estimates that Pyongyang has spent as much as $620 million on missile tests this year alone.

The blockchain analysis firm Chainalysis, which is reportedly monitoring crypto assets that were allegedly stolen by North Korea-backed hackers, believes the value of the stolen digital assets has plunged from $105 million to $65 million since the start of the year.

Another investigator, Nick Carlsen, an analyst with TRM Labs, believes one of the cryptocurrencies that was stolen in a 2021 heist has seen its value plummet by between 80% and 85% this year alone.

Fake News

While global law enforcement agencies have insisted that North Korea is behind the cyber-criminal organization Lazarus Group, which is accused of carrying out the Ronin hack, a North Korean official stationed at the country’s embassy in the United Kingdom has rejected the accusations. The unnamed official said this is “totally fake news.”

As global sanctions continue to inhibit its ability to access funding via global financial markets, North Korea is believed to have resorted to hacking cryptocurrencies. However, the report said North Korea hardly gets the fair market value for the stolen cryptocurrency because it only uses brokers that are willing to convert or buy cryptocurrencies without asking questions.

Tags in this story
Chainalysis, Cryptocurrency, Korea Institute for Defense Analyse, Korea Institute for Defense Analyses, Lazarus Group, Nick Carlsen, north korea hackers, Ronin Hack

What are your thoughts on this story? Let us know what you think in the comments section below.

Terence Zimwara

Terence Zimwara is a Zimbabwe award-winning journalist, author and writer. He has written extensively about the economic troubles of some African countries as well as how digital currencies can provide Africans with an escape route.

Troubled Crypto Hedge Fund 3AC Reprimanded by Singapore's Monetary Authority, Liquidators Eye Su Zhu's Properties

Troubled Crypto Hedge Fund 3AC Reprimanded by Singapore’s Monetary Authority, Liquidators Eye Su Zhu’s Properties


Mastercard Report: 51% of Survey Respondents Have Completed a Cryptocurrency Transaction in Latam

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. bitnews.gold does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer
Show comments


Leave a Reply

Your email address will not be published. Required fields are marked *

Check Also

Not The 2018 Bear Market, Bitcoin Price Could Hit $20,000 In December

The Bitcoin price rebounded off the low of its current range and retraced its weekend loss…