Bloodbath in the crypto scene: Digital currencies like Bitcoin have lost about two-thirds of their value since their price record in the fall of 2021. One bitcoin is worth just over $19,000, compared to more than $61,000 in November. In addition to businesses and small investors, the crypto crash also affects states: Isolated North Korea, whose hacker Kim Jong Un fills its treasury with cryptocurrencies for nuclear weapons research, has suffered significant losses.
This was reported by Reuters news agency, citing figures from cryptocurrency analysis firm Chainalysis. This has long oversaw crypto wallets attributed to North Korea, which store funds from North Korean hacker operations that have not yet been “laundered”.
Crypto assets have shrunk by more than 60 percent
The money is said to have been stolen in a total of 49 hacks between 2017 and 2019. Before the crypto crash, the equivalent of about $170 million was stored in the wallets. The dramatic price losses of the past few weeks have reduced it to just 65 million.
As a result, the Kim regime is one of the big losers in the crypto carnage: Overall, observed assets have shrunk by 61 percent. In fact, the loot from individual hacks that took place during the course records last year shrank by at least 80 percent.
North Korea speaks of ‘total hoax’
Representatives of the North Korean regime, of course, rejected the report. A representative of the North Korean embassy in London told Reuters it was a “total hoax”.
However, it has long been known that isolated North Korea is filling the state treasury with, among other things, hacker attacks. The US government estimated in 2019 that Kim’s hackers raised about $2 billion for North Korea’s nuclear weapons program.
In addition, other legal and illegal transactions flush foreign currency into North Korea. With the “Office 39” founded by Kim Jon Il – the father of the current ruler – is a secret state coordination office for this.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
