North Korea Reportedly has $1.7b worth of Crypto from Hacked Accounts

North Korea is reportedly in possession of $1.7b worth of Crypto that was stolen during recent exchange hacks and has not yet liquidated them to allegedly gain profit.

“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,” said Asan Institute for Policy Studies’ Senior Research Fellow Koh Myung-hyun.

North Korea’s crypto allegedly came from the 2017 Bithumb and KuCoin heists along with coordinated attacks against crypto firms in 2018.

The US has already indicted three North Korean hackers Park Jin-hyeok, Jeon Chang-hyeok, and Kim Il while US authorities are still trying to apprehend more.

There are no indications yet on how North Korea plans on liquidating the assets and where they will spend it.

© Fourth Estate® — All Rights Reserved.
This material may not be published, broadcast, rewritten or redistributed.