FBI Warns North Korean Hackers may Dump $40M of Bitcoin on The Market

The United States government is warning that North Korea may be trying to sell $40 million worth of Bitcoin in order to fund its weapons program.

The FBI issued a statement on Tuesday saying that it had “high confidence” that North Korea was behind a series of cyberattacks on cryptocurrency exchanges in recent months. The attacks resulted in the theft of millions of dollars worth of Bitcoin.

The FBI believes that North Korea is using the stolen Bitcoin to fund its weapons program, which is subject to international sanctions as the sanctions make it difficult for North Korea to acquire hard currency, so it is turning to cryptocurrency as a way to circumvent the sanctions.

The sale of $40 million worth of Bitcoin would be a significant windfall for North Korea. It would allow the government to purchase more weapons and technology, which could pose a threat to the region.

The FBI is also urging cryptocurrency exchanges to be on the lookout for suspicious activity and to report any suspicious transactions to the authorities.

Also Read: Crypto Scams: How to Protect Yourself from These Online Threats

The warning from the FBI comes at a time when North Korea is under increasing pressure from the international community to give up its nuclear weapons program. The sale of Bitcoin could be seen as a way for North Korea to raise funds to continue its nuclear program, which could lead to further sanctions from the United States and its allies.

The sale of Bitcoin by North Korea is also a reminder of the risks associated with cryptocurrency. Bitcoin is a decentralized currency, which means that it is not subject to government regulation. This makes it attractive to criminals and other bad actors who want to move money anonymously.

The FBI’s warning should serve as a wake-up call for cryptocurrency users. If you are thinking about investing in Bitcoin, you should do your research and understand the risks involved. You should also be aware of the possibility that your Bitcoin could be used to fund illegal activities.

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