MELTDOWN

Crypto Crash Hits North Korea’s Stolen Funds Behind Nuke Tests, Analysts Say

It’s not just tech bros and your boyfriend raging about bitcoin’s tumble.

Millions of dollars have been wiped from the value of North Korea’s portfolio of stolen cryptocurrency, analysts say, potentially putting a squeeze on the country’s escalating nuclear-weapons program. Kim Jong Un’s regime has become notorious for stealing vast amounts of cryptocurrencies in recent years, pulling off an eye-watering $615 million heist in March alone. But the precipitous price plunge in bitcoin and other digital currencies that began in May has hurt Pyongyang’s ability to cash in on its ill-gotten gains, South Korean government sources told Reuters, which may affect how the Hermit Kingdom finances its expensive nuke testing. Blockchain analytics firm Chainalysis says one of North Korea’s crypto holdings amassed from 49 hacks between 2017 and 2021 has fallen in value from $170 million to $65 million since the beginning of the year.