North Korea speculated to be making profits out of bitcoin

Market - Mohit Shah - Dec 12,2017

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north korea speculated to be making profits out of bitcoin

As per police reports, North Korean hackers in July and August battered four different exchanges in South Korea trading bitcoin and other digital currencies.

In the past few months, experts and officials have analyzed that North Korea has been active in "mining" bitcoin. This is linked to ransom payment leading to the absolute stealing of the digital currency.

Moreover, North Korean hackers were successful to target four different exchanges based in South Korea dealing in bitcoin as well as other digital currencies in July and August. They were also successful in sending malicious emails to employees, reported the police.

South Korea's state-run Korea Internet and Security Agency Director, Lee Dong-geun said, "It is a fact that North Korea has been attacking virtual currency exchanges".  He added, there is no exact statistics on the amount North Korea has stolen so far, however, the police have recognized the hacking attempts.

The experts have confirmed the attacks are anticipated to continue as bitcoin's price climb sharply. The price started the year below $1,000, however, has surged more than 1,500%, moving ahead of the $17,000 mark last week.

 Bitcoin was designed to function outside the control of banks or governments. Hence, this factor is likely to attract North Korea when the U.S. is framing plans to curb the country from the global financial system due to its nuclear weapons program.

In response to these allegations, North Korea has been consistent in denying involvement in international hacking incidents. But, the rising interest of the regime towards bitcoin and other cryptocurrencies has been quite evident. In November, Pyongyang University of Science and Technology advertised a lecture from a bitcoin expert who was invited from North Korea to educate students about the booming technology behind this virtual currency.