In fact, it’s estimated that they’re able to bring $1bn into their coffers annually through such questionable practices. The nation is widely suspected of conducting various forms of illicit economic activity to aid their failing economy. The allegations of spearfishing are just the latest example highlighting North Korea’s willingness to disregard any sort of international protocol. Bithumb was one such target that back in May had its security compromised, costing $15 million and the sensitive details of many of their customers. Yuji Nakamura, and Sam Kim, report that FireEye have been able to trace hacks of multiple South Korean Bitcoin and Ethereum exchanges back to North Korean operators. “”It should be no surprise that cryptocurrencies, as an emerging asset class, are becoming a target of interest by a regime that operates in many ways like a criminal enterprise.” Whilst suspicion has been growing for some time, new research conducted by cybersecurity firm FireEye highlights a surge in spear-phishing attacks conducted against exchanges below the North/South divide. The uniquely distributed payment system therefore opens a world of black market opportunities for those wishing to stay beneath the radar. However, Bitcoin is much easier to dodge sanctions with than traditional currency. The restrictions which followed the nation’s nuclear arms flex on September 3 rd, 2017 will substantially hinder Kim Jong-un’s government’s ability to legally import gas and oil from China. As the UN sanctions tighten around the rogue state, it seems North Korea is turning to cybercrime to keep their economy buoyant. It’s thought that the totalitarian nation is hoping to negate the effect of recent global trade embargos levied against them. Strong evidence is emerging that an elite team of hackers operating out of Pyongyang are stealing Bitcoin.
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