The collapse of cryptocurrencies it was a heavy blow to the North Korea The dictatorship has seen its cryptocurrency reserves halve in a short period of time, mainly due to its criminal activities.
North Korea has for years used cryptocurrencies to evade sanctions and fund itself, thanks to the proceeds of fraud, theft and other cybercriminal activities. According to a report by chain analysisNorth Korean hackers are said to have stolen more than $395 million worth of cryptocurrencies by 2021. The estimate is based on the study of the transactions performed on the client blockchain – Ethereum and Bitcoin – and so on the analysis of the incoming and outgoing transactions of the wallets that are notoriously controlled by the North Korean regime and its affiliates.
After the recent collapse of the cryptocurrency market, North Korea’s reserves went from a value of $170 million to $65 million. A 61% drop, explains The Verge magazine.
The funds were collected over a period of five years. Many of the assets come from 49 different hacking campaigns to the detriment of consumers, lenders and businesses.
Isolated by sanctions and backed by an extremely weak economy, the North Korean regime has, from the 1970s until today, always resorted to “creative” methods to finance its military spending and above all to get its hands on the so-called hard currency – especially the dollar. The regime has several intelligence groups devoted entirely to obtaining hard currency through criminal activities.
From WannaCry to trying to steal a billion dollars from the US Federal Reserve, North Korean hackers have long since stopped making the world laugh. For more information, also read:
North Korean Hackers Used To Be A Joke, Now They Are One Of The Worst Global Threats
Source: Lega Nerd