Forget sanctions, the real threat to North Korea’s illicit financing operations appears to be crypto market volatility. The North Korean hackers lost almost half a million dollars in just 48 hours while trading on the decentralized exchange Hyperliquid.
According to Lookchain’s data, a North Korean group turned $476,489 in USDC into just $18,187 and suffered a massive loss of $458,000.
The hackers deposited $476,489 into Hyperliquid, a decentralized platform known for fast transactions and anonymity. They placed a long position on Ethereum (ETH) at $3,791.8 with high stakes, expecting the price to rise. However, when the price of ETH fell to $3,251.8, their position was liquidated, wiping out most of their funds.
North Korea is known for cyberattacks on crypto exchanges and DeFi platforms, often using stolen funds to circumvent international sanctions. This loss shows…
