Cryptocurrencies have piqued North Korea’s interest and Kim Jong-Un is making strides to make crypto adoption expand. North Korea has been under the United Nation Security Council for almost forty years. Recent news suggests that North Korea’s involvement in the crypto space is going to affect the space more than expected.
A report by the royal united services institute suggests that the UN sanctions had affected North Korea’s economy and Kim Jong-Un wants to adopt cryptocurrencies to avoid these sanctions. In 2017 the WannaCry ransomware cyber attack took place and North Korea was the one behind it. The ransomware attacked almost three hundred thousand (300,000) computers and the ransom was demanded to be given in Bitcoin
The report also suggested that seeing the position North Korea is in at the moment it will not be rare to see it exploit cryptocurrencies. The crypt space has become a trend in South East Asia and the field is still in its early stages there. Many businesses and startups are just starting out in these areas. This is why many suspect North Korea to target these areas where crypto is not regulated and advance enough.
Thus many security experts and organizations are giving countries in South East Asia a heads up in advance. They are advising these countries to be cautious and to upgrade their security program to prevent any sort of cybercriminals from breaking in. Keeping an eye out for North Korea is important because it is notorious for conducting such crimes.
North Korea is one of the advanced countries when it comes to committing crimes like these and it has been successful most of the time. The most successful attacks by North Korea were made in Asian crypto exchanges. These attacks got a hefty five hundred and seventy-one million dollars ($571 mln ) worth of crypto in North Korea’s pocket.