North Korea uses crypto funding for half of its missile program: Report
The US officials confirmed that North Korea shifted more focus toward crypto use to fund its Missile & weapon program.
North Korea is one of the top popular companies in the world, known for the dictatorship of Kim Jong-un. South Korean citizens can access the internet but with several restrictions, which also retards the country’s citizens from Cryptocurrencies awareness.
Recently a White House official disclosed an investigation report, which claims that North Korea funded more than half of its missile programs with the help of cryptocurrencies, stolen by the country’s hackers from the Crypto platforms.
Anne Neuberger, the Deputy National Security Adviser for cyber and emerging technology, said that Biden’s cabinet is investigating this matter deeply to understand how such a country can show deep interest in the crypto sector.
The US official also confirmed that investigation agencies are tracing all those actors, who were involved in the crypto transactions activities of South Korea.
Korean hackers vs Defi sector
Reportedly some hacking groups in North Korea are fully backed by government agencies and with the help of high tech resources they easily show their talent to attack the crypto platforms.
In early of this year, crypto analytic platform Chainalysis reported that Korean hackers secured nearly $1.7 billion of Crypto assets through hacking activities, and the majority of the hack attacks were linked with the Defi protocols.
It is worth it to note that, in March of last year, the Ronin Network, a critical bridge chain that powers Axie Infinity, was exploited by hackers. In that hack attack, Ronin Bridge faced a loss of 173,600 Ethereum and 25.5M USDC, equivalent to more than $600M.
The FBI investigation claimed that hackers were from North Korea & their trace was found linked with the North Korean government-backed hacking group Lazarus.
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