North Korea Builds Massive Bitcoin Reserves as Hacker Swaps $175M ETH into BTC
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North Korea-linked hackers allegedly swapped 75,701 ETH (~$175M) into Bitcoin via cross-chain platforms like THORChain, suggesting a possible buildup of Bitcoin reserves from DeFi exploits. Analyst reports show stolen ETH rapidly flows into BTC through cross-chain bridges, increasing crypto market and security risks for DeFi, DEX/CEX liquidity and on-chain traceability. Prominent figures (Adam Back) warn users about insecure DeFi protocols amid intensified debate over cross-chain security and illicit fund conversion.
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- North Korea-linked hacks drive claims that attackers convert stolen crypto into Bitcoin reserves.
- Analyst reports ETH from DeFi exploits flows quickly into BTC through cross-chain platforms.
- Adam Back warns users about insecure DeFi protocols as debate intensifies.
Market participants are raising concerns about North Korea’s growing stash of Bitcoin, prompting a response from Adam Back.
Notably, in a tweet today, analyst Pledditor suggested that North Korea could be quietly building a large Bitcoin reserve after several major hacks. The claim followed data from Lookonchain showing that a KelpDAO hacker swapped stolen ETH tokens into Bitcoin using cross-chain platforms like THORChain.
Hacker Converts Millions to Bitcoin
Indeed, the transaction trail shows that the hacker swapped 75,701 ETH (about $175 million) into Bitcoin. This highlights concerns that atta…
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In This News
Coins
$ 71.17K
-3.58%$ 2.00K
-0.55%$ 0.00316
$ 1.99K
-0.83%Predictions Markets
See what traders are focused on
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