According to ChainCatcher, Seth Bailey, the US State Department's special deputy representative for North Korea, said at the "South Korea-US Joint Civilian Seminar on Preventing North Korean Virtual Asset Money Laundering" that the theft of virtual currency is a relatively new source of income for North Korea. It is estimated that more than 40% of the funds used by North Korea for weapons of mass destruction (WMD) and ballistic missile development projects are raised through virtual currency.

Bailey cited a report from blockchain research company TRM Labs, pointing out that about one-third of virtual asset thefts worldwide last year were carried out by North Korean hackers, and the amount of theft is expected to increase further this year.

Bailey emphasized: "We are working closely with like-minded countries such as South Korea and Japan to develop government policies and procedures that have a direct impact on North Korean behavior."