North Korean hackers have been "spotted" in CryptoQuant: Bitcoin analysis at the highest level
The analytical platform CryptoQuant has recorded a unique case: an IP address belonging to North Korea was used to access the page for Bitcoin's MVRV Ratio metric. This incident, detected through the Amplitude system, has caused a stir in the professional community, as internet access in North Korea is a strictly controlled privilege available only to a narrow circle of individuals connected to state, diplomatic, or military structures.
According to a screenshot of the visit, the user navigated to the Bitcoin: MVRV Ratio page via a Google search, using the Mac OS X operating system. The very fact that the traffic originates from North Korea virtually rules out the possibility of random browsing by an ordinary citizen. Under conditions of strict censorship and limited access to the global network, such activity highly likely indicates a professional agent, possibly from the country's top leadership.
What is MVRV Ratio and why is it important?
The MVRV (Market Value to Realized Value) metric compares an asset's current market capitalization with its realized capitalization, showing how overvalued or undervalued Bitcoin is relative to the average purchase price of coins. The North Korean side's interest in this indicator may indicate a deep analysis of market cycles and attempts to assess long-term trends. Why exactly a regime under sanctions needs such data remains a matter of speculation, but the context speaks for itself.
Context: North Korea and cryptocurrencies
North Korea has long been associated with some of the most notorious crypto crimes in history. Groups such as the Lazarus Group are linked to thefts worth billions of dollars, including the hack of Ronin (Axie Infinity) for $600 million in 2022 and the attack on the Coincheck exchange for $534 million in 2018. Digital assets have become a critical economic resource for Pyongyang, allowing it to bypass international sanctions. Although North Korean authorities deny involvement, such incidents only reinforce the country's reputation as one of the key players in the field of crypto cybercrime.
Expert opinion: This single visit is not direct evidence, but a powerful signal. North Korean hackers are not just stealing assets; they are studying fundamental market metrics to better understand capital behavior. This suggests that their operations are becoming more strategic and less impulsive. The industry should prepare for new, more sophisticated attacks based on deep data analysis.