Could the cryptocrash sink North Korea's nuclear ambitions?
Jun 30, 2022 4:30:45 GMT -5
Post by Midnight on Jun 30, 2022 4:30:45 GMT -5
Could the cryptocrash sink North Korea's nuclear ambitions? Kim Jong Un has lost tens of millions of dollars after plunge in value of digital loot stolen by his hackers to fund weapons programs
The cryptocrash has reportedly lost North Korea millions in stolen currencies
The heavily-sanctioned country was responsible for a $615 million crypto heist
The crash and difficulty converting crypto to cash may hurt its nuclear ambition
By REUTERS and MATT POWELL FOR MAILONLINE
PUBLISHED: 06:20 EDT, 29 June 2022 | UPDATED: 06:36 EDT, 29 June 2022
Bitcoin has lost about 54 per cent of its value this year and the nosedive is threatening a key source of funding for North Korea and its weapons programs.
Millions of dollars in funds stolen by the sanctions-stricken country have been wiped out due to the poorly performing cryptocurrency markets, digital investigators say.
Although cryptocurrencies are estimated to be only a small portion of North Korea's finances they play an 'absolutely fundamental' role.
North Korea has poured resources into stealing cryptocurrencies in recent years, making it a potent hacking threat and leading to one of the largest cryptocurrency heists on record in March, in which almost $615 million was stolen, according to the U.S. Treasury.
Widespread international sanctions over its nuclear programme give the country limited access to global trade or other sources of income, making crypto heists attractive.
Continued at link
The cryptocrash has reportedly lost North Korea millions in stolen currencies
The heavily-sanctioned country was responsible for a $615 million crypto heist
The crash and difficulty converting crypto to cash may hurt its nuclear ambition
By REUTERS and MATT POWELL FOR MAILONLINE
PUBLISHED: 06:20 EDT, 29 June 2022 | UPDATED: 06:36 EDT, 29 June 2022
Bitcoin has lost about 54 per cent of its value this year and the nosedive is threatening a key source of funding for North Korea and its weapons programs.
Millions of dollars in funds stolen by the sanctions-stricken country have been wiped out due to the poorly performing cryptocurrency markets, digital investigators say.
Although cryptocurrencies are estimated to be only a small portion of North Korea's finances they play an 'absolutely fundamental' role.
North Korea has poured resources into stealing cryptocurrencies in recent years, making it a potent hacking threat and leading to one of the largest cryptocurrency heists on record in March, in which almost $615 million was stolen, according to the U.S. Treasury.
Widespread international sanctions over its nuclear programme give the country limited access to global trade or other sources of income, making crypto heists attractive.
Continued at link