North Korea Hacked $1.7B Worth Of Crypto From Exchanges

North Korea hacked $1.7 billion worth of crypto from exchanges which they see as a long-term investment as we are reading more today in our latest cryptocurrency news.

The reports show that Pyongyang is going long on the haul of tokens and doesn’t swap them for cash. According to the reports, the United States federal prosecutor-released statements that North Korea hacked $1.7 billion worth of crypto exchanges and conspired with other money-laundering criminals to steal crypto assets from three virtual asset exchanges before laundering the proceeds.

Quoting the data from the American blockchain analysis company Chainalysis and the South Korea-based Asan Institute for the Policy Studies with the reports explaining that about three notable cases of crypto exchange hacks which were directly linked to North Korea namely a hack on the Slovenian platform in 2017 and in 2018 made a raid in Indonesia but then it occurred a 2020 New York hack. South Korean authorities also blamed Pyongyang for a 2017 attack on the domestic platform Bithumb and the American experts blamed Pyongyang for a $281 million attack on KuCoin while Seoul said that the North crippled the 2017 attacks on the South Korea-based YouBit exchange which forced to close the second attack.

Seoul and Washington-based experts claimed in 2018 that Pyongyang trained a cluster of the least 20-30 cyber warriors that instructed them to attack Western and Western-allied crypto targets with impunity. While some accused North Korea of using the crypto funds to pay for weapons and other programs which suggests that the North Korean government could be holding the funds for now.
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The Asan Institue for Policy Studies’ Senior Research Fellow Koh Myung-Hyun noted:

“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. For North Korea, cryptocurrency has become the only financial asset that can be acquired while it is under tight economic sanctions, and [recognizes its value] for sanctions evasion-related purposes.”

The North is not prepared to sit on the crypto stash forever as the experts in South Korea claimed that the final challenge facing the hackers is to liquidize the stolen crypto assets. After converting the tokens into cash, North Korea wants to use the money to create a long-awaited tourist attraction which is the planned Wonsan-Kalma Tourist Area as well as a general hospital in the capital.