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

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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.

for some 15 years. It’s almost impossible for an organisation to defend itself against an army of this size and calibre once it comes charging.

Since then, they’ve refined their methods. Lazarus has been accused of stealing US$571 million from cryptocurrency exchanges between January 2017 and September 2018, US$316 million from 2019 to November 2020, and US$840 million in the first five months of 2022. It’s difficult to say exactly how much cryptocurrency has been stolen by North Korean hackers – and, therefore, how much might remain.

Losses will have intensified following the FTX collapse. According to a Chainalysis report, in January, North Korea held about US$170 million in stolen unlaundered cryptocurrency, taken from 49 hacks conducted from 2017 to 2021.

 

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