North Korean Hackers Steal Enough Crypto to Fund Almost Half of Military Budget
North Korean hackers have reportedly looted enough cryptocurrency in 2022 to cover nearly half of the country’s military budget. According to research conducted by independent threat intelligence platform Recorded Future, North Korea has stolen approximately $3 billion in cryptocurrency since 2017, with over half of that amount captured in the past year alone.
Recorded Future’s report revealed that North Korean threat actors are believed to have pilfered an estimated $1.7 billion worth of cryptocurrency in 2022. This staggering sum is equivalent to roughly 5% of North Korea’s economy or a substantial 45% of its military budget. The extent of the cyberattacks highlights the nation’s relentless pursuit of alternative revenue streams amidst economic hardships.
In a positive development for the decentralization of Bitcoin mining, OCEAN, a new initiative from Mummolin, secured $6.2 million in seed funding. Notably, the funding round was led by Jack Dorsey, the co-founder and CEO of Twitter. OCEAN aims to revolutionize Bitcoin mining by offering the most transparent and non-custodial pool where miners directly receive new block rewards from Bitcoin.
Regarding the investment landscape, Hong Kong and Singapore have emerged as significant beneficiaries of increased venture capital (VC) investment in the blockchain and cryptocurrency sectors. In 2023, more than 11% of global VC funding in these industries flowed to ventures based in these two regions, a substantial rise from the mere 2% recorded in 2021. Capital market intelligence platform PitchBook attributes this surge to the fallout from the collapse of FTX, a prominent crypto exchange, and the subsequent bankruptcies that forced many US-based firms to reevaluate their strategies.
The blockchain community received encouraging news as the Arbitrum DAO approved the distribution of 21.1 million tokens, valued at $23.5 million. These tokens will be allocated to projects that had been granted approval but had not yet received funding due to a budget constraint of 50 million tokens. With this distribution, a total of 55 projects have been supported, with the largest recipient being Gains Network, receiving $5 million.
However, not all news surrounding the cryptocurrency industry is positive. Online banking platform SoFi Technologies has decided to withdraw from the crypto business altogether. The San Francisco-based company will cease its crypto services on December 19, giving existing customers the option to close their accounts or migrate to the well-established crypto exchange and wallet provider, Blockchain.com.
North Korea’s cryptocurrency theft, the funding for OCEAN, and the increased VC investment in Hong Kong and Singapore highlight the evolving landscape of the digital economy. As the world navigates the intricate interplay between technology and finance, it remains critical to remain vigilant against cyber threats while also embracing innovative approaches that drive progress and inclusivity within the industry.
