Posted 2 years ago | by Ben Armstrong
Ever Wonder Where Your Hacked Crypto Went?
Unfortunately, many people who do not truly understand Bitcoin and the whole cryptocurrency world tend to associate Bitcoin with criminals. I saw this in my own life, as my mother literally said to me a few months ago, "I like the idea of cryptocurrency, but I just wished that so many people didn't use it to fund terrorism, human trafficking, & drugs."
Of course, being the good little crypto enthusiast that I am, I set the record straight for her. People are always going to use money to buy things that are illegal. But when compared to how much cash has been spent on illicit activities, Bitcoin can't even compare.
Sometimes though we do get really bad stories involving cryptocurrency and this is one of them.
North Korean hackers have been responsible for upwards of $2B in cryptocurrency stolen from exchanges... and they used that money to fund the development of weapons of mass destruction. This was confirmed by the U.N. Security Council North Korea sanctions committee on August 5th.
North Korea has been suspected in almost every large cryptocurrency hack that involves an Asian exchange. A large state-sponsored cybercrime group called the "Lazarus Hacker Group" is frequently suspected in many hacks that have taken place all over the world.
One country in particular who has been targeted by the North Korean regime is unsurprisingly South Korea. Users of the South Korean exchange UpBit were recently targeted via a phishing email scam.
The FBI believes that North Korea has been skirting around sanctions to fund its WMD & ballistic missile programs by using cryptocurrency.
When it comes to cryptocurrency, people have to decide if they are willing to take the good with the bad. More privacy for all means more privacy FOR ALL... including bad actors. However, we have yet to hear of anyone in our government wanting to ban cash because it was used to fund drugs, human trafficking, murder for hire, or terrorism. Yet, we will surely hear cries to ban Bitcoin over this story.
To see more about this story and others, check out BitBoy Crypto's latest video: