More On: NORTH KOREA
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The market fall has harmed North Korea's 'illicit' cryptocurrency assets.
Another Axie Infinity hack, this time using discord bot
According to Chainalysis, North Korea's unlaundered crypto assets have decreased to $65 million as a result of the current crypto market slump.
According to Reuters, the current crypto market fall has cost North Korea millions of dollars in losses on stolen crypto assets, potentially jeopardizing funding for its weapons development.
Because Bitcoin (BTC) just fell below $20,000, the sanctioned country has collected millions in unrealized losses on its illicit crypto money.
North Korea's stolen cryptocurrency reserves are decreasing.
According to Chainalysis, North Korea's old unlaundered crypto assets are currently worth $65 million, down from $170 million. These are monies obtained by hacking between 2017 and 2021.
According to Nick Carlsen, an analyst with blockchain analysis firm TRM Labs, a chunk of North Korea's assets, which were previously valued tens of millions of dollars, have lost around 85 percent of their value.
According to unidentified South Korean government officials, this fall may seriously impair North Korea's nuclear development. This year, the Korea Institute for Defense Analyses in Seoul estimates that it has spent $620 million on this initiative alone.
North Korea has prioritized its military programs, and six missiles have been tested this year. According to available evidence, the nation sponsored these missile systems using monies stolen from cryptocurrency exchanges.
North Korean hackers are one of the most serious risks to the bitcoin sector. A gang of nation hackers was linked to the $600 million hacking of Axie Infinity's Ronin bridge.
North Korea denies cryptocurrency hacking.
According to Reuters, the North Korean government has denied any involvement in cryptocurrency hacking.
An anonymous embassy official who answered the phone at the North Korean embassy in London stated the charges are "completely false."
However, publicly available data suggests different. According to a new Coincub analysis, North Korea is the world leader in crypto crimes. For various reasons, the United States and Russia round out the top three.
According to the Coincub research, over 7,000 hackers have raised nearly $1.59 billion for North Korea. Furthermore, the DPRK has 15 verified cases of crypto-related crimes.
Meanwhile, the country's crypto crime rate has prompted US Treasury Department Brian E. Nelson to seek for sanctions on the government. He claims that the North Korean government utilizes the money of crypto hacking to develop weapons of mass devastation.
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