N Korean hackers stole $1.7 billion from cryptocurrency exchanges

Experts believe that North Korean hackers are behind some of the largest hacks against cryptocurrency exchanges and keeping the stolen funds as a long-term investment.

The government-backed hackers from North Korea have stolen around $1.7 billion worth of cryptocurrency from different exchanges during the past five years, claim reports published by local South Korean media outlets Chosun and Newsis.

Crypto- A Long-Term Investment For North Koreans

According to reports (1 and 2) that quoted statements from United States federal prosecutor and data released by the American blockchain analysis firm Chainalysis, North Korea considers cryptocurrency a long-term investment.

Therefore instead of cashing out all the stolen crypto, the government likes to store the assets while a part of the funds is spent on the country’s military supplies.

SEE: US charges 3 North Korean hackers for extorting $1.3+ billion

SEE: Scammers Netted $7.7 Billion worth of Cryptocurrency in 2021

SEE: Elite North Koreans aren’t opposed to exploiting internet for financial gain

On the other hand, Myong-Hyun, a senior fellow at the Asan Institute for Policy Studies emphasized that cryptocurrency is the only financial asset heavily sanctioned North Korea currently has. That’s because bitcoin’s price has increased over 60 times

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