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

EverRise Expands DeFi Security Infrastructure to Fantom and Avalanche
EverRise Expands DeFi Security Infrastructure to Fantom and Avalanche press release PRESS RELEASE. EverRise, the blockchain bridging and security solution provider that brought the
Bitcoin Price Restarts Its Climb: Is The Rally Back On?
Este artículo también está disponible en español. Bitcoin price started a fresh increase above the $62,000 resistance zone. BTC is now consolidating and might aim for mor
Marcel Pechman3 hours agoPersistent macro headwinds could delay Bitcoin bull market — ARK InvestSeveral macroeconomic indicators suggest that bearish headwinds could strengthen during the remainder of 2023 and possibly
SEC’s reason for refusing crypto rulemaking ‘does not cut it,’ says Coinbase
Jesse Coghlan5 hours agoSEC’s reason for refusing crypto rulemaking ‘does not cut it,’ says CoinbaseCoinbase delivered an opening brief in a United States appeals court, arguing that the SEC should be forced to “
Turner Wright2 hours agoAdvocates call for Hong Kong govt stablecoin to compete with Tether and USD Coin“Issuing a stablecoin pegged to the Hong Kong dollar not only helps to solidify Hong Kong’s leadership in the bl
Dogecoin Shows Signs Of A Trend Reversal With This Key Chart Pattern
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
Bitcoin, Ethereum Technical Analysis: BTC Slips to 10-Month Low, Below $33,000
Bitcoin, Ethereum Technical Analysis: BTC Slips to 10-Month Low, Below $33,000 BTC fell to its lowest level since last July, as prices dropped below $33,000 to start the week. The
OneCoin’s legal boss gets 4 years jail for massive $4B crypto scam
Tom Mitchelhill4 hours agoOneCoin’s legal boss gets 4 years jail for massive $4B crypto scamThe judge who handed down Irina Dilinska’s jail sentence described her as “a woman of great intelligence and a woman who o
XRP Short-Term Movements Remain Uncertain, But 4-Hour Chart Shows Strength
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
Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validators
Axie Infinity Loses $620 Million After Hacker Compromised Ronin Validators According to Sky Mavis, the creators of the blockchain NFT game Axie Infinity, the Ronin network has been
Bitcoin price could hit $63K amid $3.9B futures expiry
Zoltan Vardai12 hours agoBitcoin price could hit $63K amid $3.9B futures expiryBitcoin needs to hold above the $65,000 mark for more upside, while the Ether price is weighed down by a sell-the-news event, according to an
Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in Africa
Nigerian Crypto Startup Yellow Card Raises $1.5 Million For Expansion in AfricaYellow Card has raised $1.5 million in a seed round. The Nigerian crypto startup said it will use the