The massive decline in crypto markets recently has eroded North Korea’s stolen stash of coins and tokens, which could hamper its weapons testing program.
According to researchers, the deepening crypto winter poses a threat to a vital source of funding for Pyongyang’s weapons programs. It is not clear how much crypto the North Korean regime has stashed away over the year, but it is likely to be substantial.
A 70% slump in crypto markets since November will have eroded a large chunk of that digital stockpile, potentially limiting the rogue state’sTwo anonymous South Korean government sources speaking to on June 28 said the crypto winter had affected North Korea’s ability to carry out more heists and hacks on the sector.Some of the largest crypto hacks over the past couple of years have been attributed to North Korean hacking groups such as Lazarus. Pyongyang has been pouring resources into funding such hacker collectives, but the dwindling prices of cryptocurrencies may impact its ability to do so.
Nick Carlsen, an analyst with TRM Labs, said one crypto cache from a 2021 hack has lost as much as 85% of its value over the past few weeks and is now worth less than $10 million.
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