Unexpected Bitcoin Whale: North Korea May Own Millions In Crypto

Bitcoin Can Help Kim Avoid Sanctions

In a recent U.N. Security Council meeting, a panel of industry experts claimed that North Korea could have upwards of $670 million worth of currencies that isnt the nation owns. This stockpile purportedly includes cryptocurrencies, presumably like Bitcoin and Ethereum. According to the Nikkei Asian Review, which broke this news, the Security Councils North Korean sanctions team were informed that digital assets provide the Democratic Peoples Republic of Korea with more ways to evade sanctions, given that they are harder to trace, and are relatively easy to launder across borders and through individuals deemed suspicious.

On the matter of how North Korea managed to garner the funds, the unnamed researchers claim that hackers associated with the nation broke into a number of crypto exchanges over yesteryear, securing millions in the process.

North Korean Hackers Implicated In Crypto Hacks

The Reviews report comes after a number of cybersecurity experts implicated North Korean groups of participating or even leading exchange hacks or crypto scams, corroborating the U.N. report. Per previous reports from Ethereum World News, aGroup-IBreport claims that the North Korea-based Lazarus hacker group is responsible for some of the crypto industrys most-damaging hacks in the past 12 months.

Although the exact extent of Lazarus quickly growing sphere of influence is still unknown, citing the Group-IB report,The Next Webs Hard Forkrevealed that the group is directly tied to the attacks on the following five cryptocurrency platforms CoinCheck, YouBit, Coinis, Bithumb, and Yapizon. Interestingly enough, it was noted that Lazarus was likely not responsible for the recent hacks on theZaif,Bancor, and Coinrailplatforms.

Recorded Future claims that the entities in the hermit nation have also played a role in a number of crypto swindles. Per the exclusive article, titled Shifting Patterns in Internet Use Reveal Adaptable and Innovative North Korean Ruling Elite, a blockchain startup dubbed Marine Chain Platform reportedly touted itself as a way to tokenize maritime vessels, but was far from that. The project, which also issued an initial coin offering (ICO), first hit the market in August 2018.

After an in-depth investigation into the startups history, domain registry information, LinkedIn page, and its webpage, which was found to have been plagiarized from Shipowner.io, the cyber-threat firm behind the report revealed that Capt. Foong, the man behind Marine Chain, has ties to North Korea.


Title Image Courtesy of Random InstituteonUnsplash

The post Unexpected Bitcoin Whale: North Korea May Own Millions In Crypto appeared first on Ethereum World News.

08.03.2019 / 17:10 44
UN Panel: North Korea Hacked $571M From Asian Crypto Exchanges UN Panel: North Korea Hacked $571M From
The U.N. Security Council has heard that North Korea uses cyberattacks and blockchain technology to evade economic sanctions and obtain foreign
South Korea Points to North Korea as Cryptojacking Culprit South Korea Points to North Korea as
South Korean intelligence officials are pointing toward North Korea as being the responsible party behind a string of cryptojacking cases across the
Mining Crypto and Evading Sanctions in North Korea Mining Crypto and Evading Sanctions in
Cybersecurity and anti-money laundering experts believe that North Korea could be using cryptocurrencies to acquire USD. The country is likely
North Korea is Using Cryptocurrency to Evade U.S. Sanctions: Experts North Korea is Using Cryptocurrency to
Two Washington-based financial experts say that North Korea is increasingly using cryptocurrency to evade U.S. Sanctions. According toLourdes
North Korea Taps Bitcoin to Circumvent US Sanctions, More Hacks to Follow North Korea Taps Bitcoin to Circumvent
North Korea seemingly wants to bypass the sanctions imposed upon the nation by the US government. Doing so will require a very creative approach. So
Trump Sanctions on North Korea Won't Stop Crypto Hacks, Senator Says Trump Sanctions on North Korea Won't
The Trump administration imposed new sanctions on North Korea last week, but one U.S. senator has said that the measures don't go far enough in
Comments (0)
Add a comment
Comment on