Crypto News

$200 million worth of Cryptocurrency infused into North Korea

According to a report provided by an anonymous intelligence agent, North Korea has managed to have reportedly scrape up way more than $200 million in cryptocurrency transactions during the previous year, keeping their nuclear and missile programme on hold temporarily.

Priscilla Moriuchi, a former U.S. National Security Agency officer, made a prediction stating that the country had banked 11,000 bitcoins during her interview with Radio Free Asia. Telegraph also reported that in her interview with Vox.com, she made her opinions quite clear as she believes that the digital currency was achieved through mining or hacking.

“I would bet that these coins are being turned into something – currency or physical goods – that are supporting North Korea’s nuclear and ballistic missile programme,” she said.

It was revealed in February by U.S. President Donald Trump that the country would be ‘launching the largest-ever set of new sanctions on the North Korean regime.’ Further-more this news comes as North Korea has had to deal with tough international sanctions regarding their nuclear programme

Attempts have been made by the Trump administration in an audacious bid to lower the number of funds transferred to North Korea until the country becomes open to negotiations; however, none of these attempts have been materialized yet. For now, Ms. Moriuchi believes that the cloistered regime will make attempts to avoid any financial restrictions by taking full advantage of digital currencies like the bitcoin.

North Korea has previously been accused of various cryptocurrency violations, which includes installment being made through bitcoin for the arrival of documents. One case is the 2017 WannaCry ransomware assault, which influenced in excess of 230,000 PCs in more than 150 nations. In December, the U.S. blamed North Korea for the cyber attack, which saw malicious malware bringing organizations, schools, and doctor’s facilities to its knees.

Likewise in December, North Korean programmers were held accountable and were accused of being behind a hack that saw South Korean crypto trade YouBit lose almost $7 million worth of bitcoin. All the more as of late, it was claimed that North Korean programmers may have been behind the hack at Japanese digital money trade Coincheck, which saw the robbery of $530 million worth of NEM in January.

Despite the fact that Pyongyang has reliably denied any of such accusations, the Telegraph reports that promising understudies are handpicked to join Bureau 121, a cyberwarfare organization in the nation. As indicated by the report, an industry that is approximately directed, with the capacity to transform crypto coins into fiat money, is turning into an appealing choice for North Korea.

Calls for global authorities to work together to regulate the market have been made and talks for doing so have also begun, however, it looks like international sanctions no longer possess a threat as the implementation of cryptocurrencies gradually provides an ideal alternative.

 

About the author

Harold Long

Ganesh stumbled into Bitcoin while studying for his masters in financial markets. To feed his curiosity he began his quest for researching, about the blockchain technology, He has been researching so much over the years, so he felt its high time to spread his knowledge from TokenTornado. He also has exceptional writing skills which has taken our team and project so far. His relentless dedication and work ethics is an invaluable asset to TokenTornado.

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