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  • Ligor Fund News - Plutonium for Bitcoins: how North Korea funded its nuclear program with crypto

Heavy sanctions, first imposed on North Korea by the UN back in 2006, forced the regime to develop other strategies for funding its nuclear program. The most lucrative way turned out to be cybercrime, especially the one connected with exploiting cryptocurrencies and blockchain technology. Ironically, the government supporting crypto-related crime on a massive scale can not boast of a tech-savvy population. The experts estimate that only the narrow circle of North Korean elites has access to the Internet they plug into through Russian and Chinese telecom companies.

According to Chainalysis, North Korean hackers extracted nearly $400m worth of digital assets in 2021 alone. The attacks mainly targeted investment firms and centralized exchanges using malware and elaborated social engineering. Most of the attacks were likely carried out by the single hacker group APT 38, also known as Lazarus Group.

Sourced by:Coinpaper -

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