North Korea and Cryptocurrencies


North Korea and Crypto-Love

North Korea is watching the crypto currency revolution closely. It appears that cryptos are a great and very discreet way to cash in for State finances. Faced with economic sanctions, the country does not hesitate to hack Bitcoin and other digital currencies for it.
Mun Chong-hyun is an analyst at ESTsecurity, a South Korean cybersecurity company. He confirmed that digital currencies are the best way for North Korea to earn foreign currency. Moreover these assets can easily be laundered without leaving any trace.

north korea

Cash in!

Several investigations lead to the fact that North Korea trains official hackers to steal crypto currencies. The target of these hackers is not only Bitcoin but also Monero and other cryptos.

One example of the most obvious suspicion was on April 2017 and it concerned its neighbor. The South Korean platform Youbit, was the target of a cyber attack. The digital attack represented the equivalent of around $ 5 million, 40% of Youbit assets were stolen.

In addition to these digital attacks, we see now that North Korea want to be also an official competitor on the Crypto World Stage.

North Korea is hosting a Blockchain Conference

North Korea is planning to hold a conference on crypto currencies and blockchain technology in Pyongyang in October 2018. The meeting is expecting to bring together experts from around the world.

North Korea’s Global Blockchain Conference will run for two days starting Oct. 1, according to Radio Free Asia (RFA). The South Korean news agency Yonhap was the first to report the news according to sources.

North Korea’s ambition is to hold a blockchain conference so that their business leaders can meet blockchain experts from around the world. It could be the first assembly of its kind in the small hermit kingdom of East Asia.

North Korea would also like to introduce its crypto currency and blockchain technology to the world through this event. However, since the government is often associated with illegal internet activities is is possible that the conference can be overshadowed.

Huge economic constraints choke the nation while several countries have imposed retaliation on the communist state.

Given the accusations against the Asian government, no one knows which professionals in the crypto and blockchain industry will agree to attend the conference in October.

Moreover, tourism in North Korea is highly regulated and the United States recently banned Americans from visiting except for those with special permits. No information has yet been provided on this subject.

Weak Digital Security in the West

North Korea holding an official crypto and blockchain event, should not hide the reality.

Last March, the NSA claimed that North Korea had harvested more than 11,000 bitcoins in 2017 through mining and numerous thefts.

Moreover, some specialists suspect a group of cyber criminals called Lazarus Group of having created malicious computer software that would infect many operating systems.

According to the world-renowned cybercrime firm Kaspersky Labs, North Korean hackers have created a new Trojan horse named Fallchill. It can penetrate Asian-based crypto-currency exchanges and steal digital tokens from their victims.

A security expert on the conditions of anonymity revealed that North Korea seemed to want to show its blockchain development capabilities through this event but this will not hide its illegal crypto activities.