North Korea may 'make a lot of money' from Bitcoin | AllFixs
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Authorities and many experts believe that North Korea is "digging" Bitcoin, demanding ransom in Bitcoin, and stealing virtual currency in recent months.
“North Korea is attacking virtual currency exchanges. We don't know how much they took, but the police have confirmed the attack from this country, ”said Lee Dong-Geun, director of the Korea Internet and Security Agency.
North Korea is very interested in Bitcoin. Photo: CNN
Bitcoin attracts North Korea not only because of its record high price. This virtual currency is designed to operate out of the control of governments or banks. This is an attractive factor for the Kim Jong Un administration as the US is gradually isolating North Korea from the international financial system because of its nuclear weapons programs.
Bitcoin is tied to no central bank and payments can be anonymized. This could help North Korea convert assets into easy-to-use money.
Bitcoin is usually stored in an account at online exchanges. However, Bryce Boland - Chief Technology Officer of cybersecurity firm FireEye thinks that hackers can easily turn Bitcoin into more mysterious virtual currencies, transfer them to other exchanges and eventually withdraw them in different types of Traditional currency like USD.
"They can execute transactions very quickly and leave no trace," Boland said.
North Korea has repeatedly denied involvement in international attacks. However, they do not deny interest in Bitcoin and other virtual currencies.
Last month, the Pyongyang University of Science and Technology presented a Bitcoin expert presentation. This expert comes to North Korea to teach students about the technology behind cryptocurrencies.
"A lot of excellent questions about Bitcoin's inner workings, its risks, and the limits of its safety," said Pyongyang University of Science and Technology.
Boland believes North Korea is training a large number of Bitcoin savvy people so that it can expand operations. This means more exchanges and virtual currencies will become targets of attack.
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