The post Crypto Millions Fund Missile Program appeared on BitcoinEthereumNews.com.

North Korea has laundered $170 million in stolen cryptocurrency from 49 hacks (2017-2021).   Laundered funds are used to support North Korea’s nuclear and missile programs.   Cyberattacks generate about 50% of North Korea’s foreign currency income. North Korea’s cybercrime activities have been under scrutiny for years. Recent reports show that stolen digital assets continue to be used to fuel the country’s illicit operations. Specifically, the Lazarus Group, a notorious hacking group linked to North Korea, has stolen millions of dollars in digital assets.  These funds are passed through a series of delicate processes to fund the regime’s nuclear and missile programs.  If you want to understand what happens to funds after they’re stolen by North Korea/Lazarus Group, the Chainalysis 2022 report is great Step 1: Swap any ERC20s (like stETH) into ETH Step 2: Swap any ETH into BTC Step 3: Cash out BTC to cash (Chinese Renminbi) using Asian… pic.twitter.com/cmxUEAHRZN — Eric Wall | BIP-420 🐱 (@ercwl) February 21, 2025 $170 Million in “Unused” Crypto Stolen Since 2017 Between 2017 and 2021, North Korea collected $170 million in unused cryptocurrency from 49 hacking incidents. Interestingly, the largest portion, approximately $60 million, arose from a single attack, referred to as “Hack A.”  Smaller sums, ranging from $5 million to $15 million each, were acquired through additional hacks. Even more surprisingly, some funds from attacks as early as 2016 remain unlaundered and untouched, totaling over $55 million. Source: X Related: North Korean Cybercrime: Lazarus Group Launders Millions Through Cambodian Firm Inside the Crypto Laundering Process The laundering process begins with swapping ERC20 tokens, like stETH, into Ethereum. Next, ETH is converted into Bitcoin.  Once the funds are in Bitcoin, they are sent through mixers. Mixers are used to help cover up their origin. After mixing, the consolidated BTC is moved to wallets…

---

Filed under: News - @ February 22, 2025 1:18 pm