North Korea Crypto Crash Hits Stolen Funds Behind Kim Jong Un’s Nuclear Tests, Analysts Say

Tens of millions of {dollars} have been wiped from the worth of North Korea’s portfolio of stolen cryptocurrency, analysts say, doubtlessly placing a squeeze on the nation’s escalating nuclear-weapons program. Kim Jong Un’s regime has change into infamous for stealing huge quantities of cryptocurrencies in recent times, pulling off an eye-watering $615 million heist in March alone. However the precipitous value plunge in bitcoin and different digital currencies that started in Could has harm Pyongyang’s capacity to money in on its ill-gotten positive factors, South Korean authorities sources informed Reuters, which can have an effect on how the Hermit Kingdom funds its costly nuke testing. Blockchain analytics agency Chainalysis says one in all North Korea’s crypto holdings amassed from 49 hacks between 2017 and 2021 has fallen in worth from $170 million to $65 million for the reason that starting of the yr.