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Crypto market slump brings North Korea loss: value of stolen cryptocurrencies plummets

 


North Korea is a global leader in crypto crime. There are over 15 documented cases of cyber attacks that have seen $1.59 billion stolen. However, the current turmoil in the crypto market has cost the country millions of dollars in losses in its crypto portfolio.


The crypto market collapse has caused hundreds of billions of dollars in losses in the crypto industry. The majority of crypto assets are down more than 70 percent from their peak. As a result, the majority of cryptocurrencies stolen by North Korea also saw a significant drop.

According to a Coinclub.com report , North Korea has deployed 7,000 full-time hackers to make money through cyberattacks, ransomware and crypto protocol hacks.


The Ronin Bridge hack in April, which stole $600 million, has also been linked to the well-known North Korean ransomware group Lazarus. Ether ( ETH ) has fallen sharply, hence the value of the stolen coins has dropped by $230 million. This corresponds to a decrease of more than 60 percent.


According to a Chainalysis report, North Korea owns around $170 million in stolen and unwashed cryptocurrencies from 49 hacks over four years. The value of these stolen coins has since dropped to $63 million.


The Chainalysis report posits that North Korea owned over cryptocurrencies as early as 2016. This indicates that the hackers were slow to launder the stolen money. That could be partly due to the transparency of blockchain technology, where once there's been a hack, the protocol often coordinates with crypto exchanges and stablecoin issuers to freeze the stolen funds. Even the smallest movements are often detected.

Another crypto analysis report by CNAS highlighted that the theft was only the first part. Because North Korea has to find brokers to exchange it for fiat or bitcoin ( BTC ), often only a third of the value of the stolen money is left.


North Korea has been hit with numerous sanctions from around the world. This makes trading and transactions in the international market more difficult, and experts believe this has prompted the country to consider cryptocurrencies as an alternative. However, cryptocurrencies make up only a tiny portion of North Korea's financial resources. Most of the capital comes from coal smuggling and shady deals with China, Reuters reported .


Given the sheer volume of stolen money and the ever-improving analysis tools and government measures, North Korea is finding it increasingly difficult to launder the stolen money.

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