Fun

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

News Feed - 2022-07-01 04:07:37

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. Argentinian Tax Agency Ramps Up Digital Wallet Seizures NEWS | 5 hours ago Onecoin"s Co-Founder Ruja Ignatova Has Been Added to the FBI"s 10 Most Wanted Fugitives List NEWS | 11 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTerra’s Crypto Tokens UST and Luna Classic Mysteriously Pumped This Week, UST Climbed by 470% 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. Bitcoin.com 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 disclaimerShow comments More Popular NewsIn Case You Missed ItRipple CEO: SEC Lawsuit Over XRP "Has Gone Exceedingly Well"


The CEO of Ripple Labs says that the lawsuit brought by the U.S. Securities and Exchange Commission (SEC) against him and his company over XRP "has gone exceedingly well." He stressed: "This case is important, not just for Ripple, it’s ... read more.Australia to List Bitcoin ETF After 4 Clearinghouse Participants Commit to Meet Stringent Margin Terms Survey: Adoption in Argentina Grows, With 12 out of 100 Adults Having Invested in Crypto Microbt Reveals Latest Bitcoin Mining Rigs — Machines Produce up to 126 TH/s With Custom 5nm Chip Design Terra"s Algorithmic Dollar-Pegged Crypto UST Is Now the Third-Largest Stablecoin

News Feed

Jagjit Singh8 hours agoWhat is QuillBot, and how to use it?QuillBot is an AI-powered writing tool that helps users improve their writing once they simply enter the text and explore the suggestions.485 Total views35 Total
NYU Professor ‘Dr. Doom’ Says 99% of Crypto Is a Scam — Tells Investors to ‘Absolutely Stay Away’
NYU Professor "Dr. Doom" Says 99% of Crypto Is a Scam — Tells Investors to "Absolutely Stay Away" NYU Professor Nouriel Roubini, aka Dr. Doom, has warned that “99.99% of c
Belgium Startup Launches Smart Chip Hardware Wallet for SLP-Based Tokens
Belgium Startup Launches Smart Chip Hardware Wallet for SLP-Based Tokens On March 1, the Simple Ledger Protocol (SLP) developers’ Twitter account revealed a new hardware wa
Snoop Dogg Sports Blinged-Out Crypto Hardware Wallet at Wrestlemania 39
Snoop Dogg Sports Blinged-Out Crypto Hardware Wallet at Wrestlemania 39 Four days ago, the American rapper, entrepreneur, and owner of Death Row Records, Snoop Dogg, hosted WWER
Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War
Former President Donald Trump Likens US Losing Currency War Against China to America Losing a World War Former U.S. President Donald Trump has warned that the U.S. losing a currenc
Hamster Kombat hits 239M users in 81 days — Telegram’s Durov
Gareth Jenkinson4 hours agoHamster Kombat hits 239M users in 81 days — Telegram’s DurovTelegram founder Pavel Durov says Hamster Kombat’s viral success could onboard over 200 million people to blockchain technology
Solana Price At Crossroads: $129 Support, $144 Resistance Set Stage For Next Big Move
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
GameStop's Roaring Kitty posts first livestream in 3 years— price reacts
Vince QuillJun 07, 2024GameStop"s Roaring Kitty posts first livestream in 3 years— price reactsThe meme trader revealed that he was down $235 million and held call options on 12 million GameStop shares in his YouTube l
Centre Consortium Working to Create ‘Global Network’ of Stablecoins
Centre Consortium Working to Create "Global Network" of Stablecoins Centre, the consortium created by Circle and Coinbase around USD coin (USDC), has assembled a team of new execut
Helen Partz11 hours agoUSDC issuer partners with Philippines exchange to promote stablecoin18 million users of Coins.ph are expected to receive a faster, lower-cost and more accessible remittance option as a result of th
Sam Bankman-Fried’s brother: ‘His life would be wasted in prison’
Turner Wright6 hours agoSam Bankman-Fried’s brother: ‘His life would be wasted in prison’The former FTX CEO’s mother, father, and brother all wrote letters to Judge Lewis Kaplan suggesting that SBF’s lack of so
New ONDO Addresses Surge 390% In 24 Hours – A Sign Of Growing Interest In Ondo Finance
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu