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North Korea turns out to be the hub of crypto crime: Coincub.com report

29 Jun 2022 : 10:52
2 min read
  • North Korea ranked first in the list of nations with most number of crypto crimes
  • The DPRK was followed by the US, Russia, China, and the UK
  • Japan, Hong Kong, Canada, the British Virgin Islands, and Seychelles come in the top 10

North Korea, a nation led by the infamous dictator Kim Jong-un is the hub of crypto-related crimes, as per a new report from Coincub.com, a platform that offers bespoke information, guidance, and analysis on the workings of the crypto economy for both new and experienced crypto investors,

North Korea and crypto crimes

For a long time, authorities have been convinced that a major revenue stream for the nation comes from crimes related to cryptocurrencies and other related activities. This proved to be true and as per a press release, around 7,000 hackers have raised funds for the Democratic People’s Republic of Korea (DPRK) through a series of profitable cyberattacks.

There are over 15 documented instances of crypto crime in North Korea and the loss is estimated at $1.59 billion. Interestingly, the US and Russia are ranked 2nd and 3rd in the ranking where the former has 14 incidents of documented crypto crimes amounting to a total loss of over $2 billion while the “sheer amount of ransomware coming out of Russia” has given it the 3rd place. 

“Large-scale fraud, exchange hacks, and Ponzi schemes mean that China places fourth on Coincub’s crypto crime ranking. China also leads in fraud profits, with an 18% share of the world’s crypto crime volume,” the statement added.

The UK ranks 5th

While North Korea, the US, Russia, and China have acquired the top 4 positions, the fifth position has been awarded to the United Kingdom. The press statement claims that the U.K. is a “global hub for crypto fraud as lax corporate regulations allow fraudsters to obfuscate the source and destination of funds.”

In 2021, over 7,118 cases of crypto fraud were noted in the nation and it seems that the upcoming regulations might reduce this number by a significant amount.


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