One of crypto’s strengths is also one of its weaknesses. Permissionless transactions enable privacy and sovereignty, but also crime. North Korea’s crypto hacking made headlines recently, but it is far from the only example. In 2017, hackers made off with an estimated $450 million in Bitcoin and other cryptocurrencies from Japanese exchanges. Israeli authorities have also warned of an increase in cyber-crime related to cryptocurrency theft. As the global economy moves towards digital finance, crypto-related crime is becoming more of a threat. As such, it’s critical that governments and cryptocurrency users take steps to prevent North Korea’s activities from occurring again. Despite North Korea’s struggling economy, the government spends much of the budget on its nuclear program. With sanctions on the rise, North Korea has turned to crypto to fund these ventures. The United Nations claims that North Korean hackers have stolen billions of dollars from banks and cryptocurrency firms. They launder the funds through a series of financial transactions. Crypto can be traded for other crypto or fiat. Then, these funds find their way into North Korea’s weapons program or into the pockets of Kim Jong Un. According to the BBC, North Korean hackers stole $1.7 billion in 2022 alone. This is nearly half of the total amount of stolen funds worldwide.
Full analysis : How Can the World Fight Back Against North Korea’s Crypto Hacking?
