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Stolen cryptocurrency has fuelled North Korea’s nuclear program. Could it collapse amid market turmoil?

With the general downturn in the crypto market, coupled with the recent FTX collapse and myriad other pitfalls, analysts estimate North Korea has probably lost most of its crypto haul.

Since the world’s second-largest crypto exchange, FTX, declared bankruptcy earlier this month, the flow-on effects have been felt far and wide.

But among the many victims are also some not-so-innocent parties. For the Democratic People’s Republic of Korea, a country facing heavy sanctions, cryptocurrency theft has been a (relatively) simple way to fund the country’s expanding nuclear arsenal.

It’s well documented that Kim Jong-un’s military operation hackers have been stealing cryptocurrency to support North Korea’s nuclear and missile program for several years.

But with the general downturn in the crypto market, coupled with the recent FTX collapse and myriad other pitfalls, analysts estimate North Korea has probably lost most of its crypto haul.

Can we expect its nuclear weapons development to come to a halt or slow down? It seems unlikely.

What North Korea’s hackers have been up to………………………………………………………. more https://www.sbs.com.au/news/article/stolen-cryptocurrency-has-fuelled-north-koreas-nuclear-program-could-it-collapse-amid-market-turmoil/akf1f21l8

November 30, 2022 - Posted by Christina Macpherson | Uncategorized