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North Korea keen on Bitcoin

Digital currencies could help North Korea overcome current trade sanctions

In an apparent attempt to avoid trade sanctions, North Korea are thought to be stepping up their efforts to secure several crypto-currencies, including Bitcoin. 

 

The lack of state control and secretiveness in the world of digital currencies mean there are a lot of similarities between them and the increasingly isolated nation of North Korea, with many security experts now of the belief that North Korea will heighten their interest is cybercurrencies. 

 

Luke McNamara, a researcher at FireEye, said "We definitely see sanctions being a big lever driving this sort of activityThey probably see it as a very low-cost solution to bring in hard cash." 

 

FireEye have reported at least three attacks on South Koreans exchanges already in 2017, including one successful theft in May. Yapizon, based in South Korean capital, Seoul, reportedly lost more than 3,800 Bitcoins due to theft which, at the current exchange rate, are worth approximately $14.6m. 

 

Although no evidence has been presented to link North Korea to any currency theft, FireEye have identified TEMP.Hermit as the group behind the hacks, with hackers known to have ties to North Korea. 

 

McNamara continued, "As more money goes into cryptocurrency exchanges and more people buy Bitcoin and Ethereum, exchanges become larger targets for this group." 

 

Predict what effect North Korea's increased interest in cryptocurrencies will have on the value of Bitcoin, Ethereum and many more new-age currencies and start trading today.

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