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Cyber Bitcoin
A new report shows that North Korea's top leader seems to be stepping up efforts to evade international sanctions through Bitcoin and Monero mining
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The report, released by Recorded Future, a crypto crime analysis cybersecurity company backed by the U.S. government, details how Kim Jong-un used cybercrime and encrypted digital currencies to circumvent sanctions aimed at curbing North Korea's nuclear weapons program. The United Nations (un) recently counted that North Korea had stolen up to $ 2 billion in funds using "broad and increasingly sophisticated cyber attacks" against financial institutions and cryptocurrency exchanges. Both the United Nations (UN) and Recorded Future have previously reported that in addition to stealing cryptocurrencies, the North Korean government has also begun bitcoin and Monero mining operations. The new report adds more details about the Bitcoin mining operation and hints that North Korea is expanding this special operation.


The report shows a steady increase in Bitcoin activity by the North Korean government: In July 2017, Recorded Future released its first report, indicating that the North Korean government is mining Bitcoin. A year later, the company noted that North Korea's interest in and use of cryptocurrencies had exploded. In addition to successfully robbing multiple South Korean cryptocurrency exchanges, the North Korean government has also begun to mine a digital currency with trading privacy called Monero. Unlike Bitcoin, its private transaction history makes it almost impossible to track the flow of funds. Monero uses encryption technology to hide transaction information out of the public eye, making it very difficult to track the flow of funds. The authors of the new report say that North Korea's efforts to mine Monero coins appear to have increased tenfold since 2018.


North Korean leaders seem to consider digital currency as a "tool for value investing": Considering this development and the successful exchange of hackers and other digital currency-related thefts, the authors conclude that "Bitcoin is North Korea as an independent and valuable tool To manage decentralized sources of income, but also to obtain external funds as a convenient and illegal means. "


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