North Korea is facing a cash crisis after the ongoing market-wide sell-off significantly devalued its stash of stolen crypto assets. The East Asian country had made a fortune for itself through funding hacks into crypto wallets that made off with hundreds of millions of dollars.

In March, the US Treasury Department blamed the Korean Government-linked Lazarus Group for planning and executing Axie Infinity's Ronin Bridge hack, which saw almost $615 million stolen. The hack became one of the largest ever in the crypto sector.

With cyber-related crimes soaring in the recent past, North Korea has increasingly come under scrutiny by Western Nations. Moreover, the ongoing market slump has greatly affected North Korea's efforts to evade sanctions and fund its nuclear and missile programs.