International investigators and researchers have claimed that North Korea, in recent months is responsible for stealing $300 million worth of Bitcoin and other cryptocurrencies, which was done through hacking and other mass cyberattacks.
The crypto assets are allegedly stolen in order to pay for North Korea's nuclear weapons program. In regards to this, a row has broken out in South Korean political circles over Korea's politicians’ and other leaders' ties to crypto developer Virgil Griffith.
This development comes after North Korea’s missile launches have intensified in the past 10 days. In the wake of the recent nuclear attacks on the island of Hokkaido, more than 5 million Japanese citizens were urgently ordered to take cover as a protective measure. Pyongyang claims that these missile launches were “simulations” for nuclear attacks on South Korea.
As per Military analysts, a large part of this missile launch is being funded, using the stolen cryptocurrency. North Korea is believed to have employed thousands of well-trained hackers, who have affected South Korean businesses and organizations. It has also been accused of exploiting its cyber skills for financial gains.
According to Yonhap, one of South Korea's major news sources, the UN Security Council’s North Korea Sanctions Panel has blamed the North Korean cyber organization such as ‘Lazarus Group’ for Ronin Bridge and the Harmony bridge hack.
As per the experts, the hermit state is utilizing the absence of worldwide regulatory constraints on cryptocurrencies, in order to steal cryptocurrencies to fund nuclear weapons and missile projects.
In an interview with the VOA Korean Service, Jason Barlett, a researcher at the Center for a New American Security (CNAS) stated, “Cryptocurrency offers Pyongyang a new kind of currency that is substantially less regulated and understood by national governments, financial institutions, and institutions, and international organizations.”
In accordance with a report by Nikkei Asia, North Korea is in the penultimate phase, to prepare for a nuclear weapon test, with such incidents pointing to the excavation of an underground tunnel and testing of triggering mechanisms.
