The fall in the crypto market caused a dent in the stolen funds of North Korea

Due to the collapse in the crypto market over the past few weeks, the value of millions of dollars in cryptocurrency stolen by North Korean hackers has decreased greatly. Many countries, including the US, have imposed tough sanctions on North Korea, and a major setback from the crypto market will affect its ability to increase arms.

A Reuters report quoted some digital investigators as saying that North Korea has invested considerable resources into stealing cryptocurrencies in recent years. Hackers attacks on crypto-related firms are on the rise, and most of these have links to North Korea. About $615 million was stolen in one such hack attack in March. Two sources in South Korea’s government have said that a sharp drop in the crypto market last month amid an economic slowdown has made it difficult for North Korea to cash stolen cryptocurrencies and could make it difficult for it to get funds for weapons. .

The Korea Institute for Defense Analysis has reported that North Korea has tested a large number of missiles this year and has spent about $62 million on it. Blockchain analytics firm Chainalysis says the cryptocurrency that North Korea has stolen over the past four years has eroded in value. In March, the US accused North Korean hackers of stealing hundreds of millions of dollars of cryptocurrency from users of the online game Axie Infinity. A US Treasury Department spokesman said, “We know that North Korea generates revenue from illegal activities to build nuclear weapons. It relies on illegal activities to evade US and UN sanctions.”

The US Federal Bureau of Investigation (FBI) has blamed the Lazarus Group for the hack and the Treasury Department has banned the address that received the stolen funds. North Korea’s Intelligence Bureau controls the Lazarus hacking group. This hacking group has been accused of ransomware attacks and hacking of international banks. The US has asked the UN Security Council to blacklist the Lazarus Group and confiscate its assets.

(This news has not been edited by NDTV team. It has been published directly from Syndicate feed.)

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