Reserved IP Address°C
02-12-2025
BSV
$39.22
Vol 23.84m
-4.14%
BTC
$96259
Vol 36705.94m
-1.95%
BCH
$331.98
Vol 145.34m
-2.67%
LTC
$118.05
Vol 1472.83m
-9.02%
DOGE
$0.25
Vol 1421.61m
-4.41%
Getting your Trinity Audio player ready...

One of the sad realities of the cryptocurrency sector is that entrepreneurs have found creative ways to cheat investors out of their hard-earned money. There have been an array of “exit scams” and fraudulent initial coin offerings (ICOs) over the years. However, there is new information suggesting that North Korean hackers are literally utilizing funds from hacking cryptocurrency exchanges for the country’s nuclear ambitions.

According to a Wired report, Apt 38 is an elite group of North Korea’s most capable hackers, and they are sponsored by the government. There are believed to be less than 20 individuals involved, but their skills have brought in $1 billion in 2018 alone from cryptocurrency heists. The group is responsible for attacks that were carried out all around the world, in countries such as India, Mexico, Pakistan, South Korea, Taiwan, and more.

While there are countless cybercriminals operating in countries all around the world, it is alleged that the funds are actually funneled back into North Korea’s military operations. Specifically, the funds are being used for the missile and nuclear development programs of the Democratic People’s Republic of Korea (DPRK), according to the report.

It is easy to see why North Korea is interested in cryptocurrency. One of the main principles that is praised in the cryptocurrency community is the idea that money should be able to be transferred without the need for central banks or authorities—and that certainly helps North Korea. This is because the country believes cryptocurrency can help them evade sanctions that have been imposed on the country.

In addition, one notable example of Apt 38 at work is the Marine Chain startup scam, where cybercriminals put forth a two-page business plan to trick investors into investing in a project meant to disrupt the international shipping industry. An intelligence firm by the name of Recorded Threat was able to link the company to the North Korea hacker ring.

Recommended for you

Microsoft to upskill 1M South Africans on AI as scams surge
Microsoft will train 1 million South African youth on AI and other digital skills by 2026 as part of its...
February 12, 2025
Canada removes digital asset funds from reduced margin eligibility
Elsewhere, the Czech president has signed a new law that exempts capital gains taxes from digital assets held for at...
February 11, 2025
Advertisement
Advertisement
Advertisement