In five years, North Korea is accused of having stolen cryptocurrency worth $1.7 billion through crypto-exchange platforms. This country employs hackers to launder foreign money and commit cybercrime.

Cryptocurrency is a long-term investment for the North Korean government. The North Korean government is keeping the cryptocurrency instead of cashing it out. Some media outlets wrote that a part of the funds goes to North Korea’s military supplies.

“Considering the fact that the price of bitcoin (BTC) has risen more than 60 times since 2017, when North Korean hackers started hacking cryptocurrency exchanges in earnest, North Korea is using the stolen cryptocurrency from the perspective of long-term investment. North Korea has made cryptocurrency the only asset it can acquire while under severe economic sanctions. [recognizes its value]For sanctions evasion-related reasons,
The Asan Institute for Policy Studies’ Researcher Koh Myung-hyun was quoted.

The following three hacks were committed by North Korea: Bithumb hack 2017 ($32,000,000 stolen), YouBit hack 2017 (4,000 Bitcoins) and Kucoin hack (281 million crypto).

In March 2019, North Korea’s capital Pyongyang was accused of stealing $670 million in fiat foreign and digital currencies.

Sources claim that North Korea plans to build a Wonsan Kalma tourism attraction and flagship hospital in Seoul using the crypto tokens.

To The Flipside

As cybercrime is increasing, many crypto trading platforms have begun to focus on strengthening cybersecurity.

Why you should care

North Korea may be a center for crypto-cyberattacks.

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