[2017-09-11] North Korea Uses Bitcoin to Fund their Military

[White sugar]

North Korea is starting to become a real problem. It still baffles me that the US and other nations are hoping that stern words will encourage the controlled state to settle down.

Not only is North Korea causing problems politically, they’ve also resorted to attacking bitcoin and other cryptocurrencies.

This year alone, security company, FireEye Inc. [NASDAQ:FEYE] has confirmed cyber-attacks on at least three South Korean exchanges

As reported by Bloomberg this morning:

‘Hackers from Kim Jong Un’s regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to a new report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from global victims of the malware WannaCry, according to the researcher.’

Bitcoin Price and Popularity Appealing to North Korea
Kim’s interests in bitcoin are probably similar to most punters — its price and popularity has gone through the roof. But what Kim hopes to use bitcoin for is much more troublesome.

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations. And security experts say North Korea’s embrace of digital cash will only increase into the future.

What effect that may have on bitcoin prices long term, only time will tell.

https://www.moneymorning.com.au/20170912/north-korea-uses-bitcoin-fund-military.html

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[aso118]

How can they use bitcoins to buy stuff? There are 2 aspects of every transaction, the monetary part and the transfer of physical goods. Even if North Korea pays using bitcoins, the world will be watching for the transfer of goods into the country. With sanctions in place, that is going to be tough.

[ivanpoldark]

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations.

Just rumors and conjectures. I think there a lot of ways to spare BTC money, except military needs in North Korea. Who said, that those hackers worked for Kim and his regime. They may be just local IT specialists/hackers with access to internet.

[Kanapka]

How can they use bitcoins to buy stuff? There are 2 aspects of every transaction, the monetary part and the transfer of physical goods. Even if North Korea pays using bitcoins, the world will be watching for the transfer of goods into the country. With sanctions in place, that is going to be tough.

Just another round of FUD. Typical manipulation of the market by news, but they are failing now.

They want the price to go lower so can buy BTC's, then profit when price recovers

[pitham1]

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations.

Just rumors and conjectures. I think there a lot of ways to spare BTC money, except military needs in North Korea. Who said, that those hackers worked for Kim and his regime. They may be just local IT specialists/hackers with access to internet.

Anything related to North Korea seems to be played up by the media these days. If the country wanted bitcoins, they just have to turn to China, where there is an abundant supply. North Korea depends on China for a major portion of its food and oil supplies. If China wants, it can choke North Korea easily. But it sees North Korea as a useful tool to keep the US occupied.

[davey76]

Well, rumours, that's all!

[1Referee]

It's somewhat of a new trend for news sites to keep throwing around with nonsensical articles trying to lift on Bitcoin's popularity. If you can't provide any solid evidence to back up your claims, then simply keep your mouth shut. Instead of governments only focusing on unnecessary tasks, they should put more effort into eliminating and punishing those news sources who do not work according to the rules. This is typically the sort of news the average joe tend to take extremely seriously. Nowadays North Korea is a hot item with their nuclear and long distance rocket tests, which heavily feeds people's fear, and then suddenly NK is said to use Bitcoin to fund their activities - I see this as an attempt to hammer down on Bitcoin.

[vit05]

"to fund"would means that they are mining Bitcoin. I doubt that is possible to fund a hydrogen bomb using Bitcoin.

[boost523]

lol that's a nice rumour. I really doubt North Korea has the ability to mine any bitcoin, maybe hire a bunch of hackers to steal some bitcoins.

[iamTom123]

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations.

Just rumors and conjectures. I think there a lot of ways to spare BTC money, except military needs in North Korea. Who said, that those hackers worked for Kim and his regime. They may be just local IT specialists/hackers with access to internet.

That can probably be the case though it is so hard to make a confirmation because NoKor is a closed regime and any investigation into the country can be facing a blank wall. We can only make some conjectures on this speculation about the involvement of this rogue government with those attacks.

However, there is really a strong possibility that NoKor can be planning something with Bitcoin. They are aware of the value and they are also on the loop that in the past there were successful attacks on exchanges. They want to have their Bitcoin for free.

North Korea will always be that spoiled brat on the block and they can be that small pain in the ass that won't easily go away. However, they are only good with the Word War and they are expert in media play using threats and exaggerated statements. Words and nothing more. 

[Musia]

Another incrimination of false information. All this is done to ensure that the BTC is sold in large quantities, and then make a profit on the upgrade. But it is also not proven that these attacks were carried out by North Korean hackers.

[Slow death]

Another incrimination of false information.

This is not news, my country, for example, all news channels are manipulated by government

I believe they want people to blame bitcoin for the bad actions of North Korea

[BitFinnese]

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations.

Just rumors and conjectures. I think there a lot of ways to spare BTC money, except military needs in North Korea. Who said, that those hackers worked for Kim and his regime. They may be just local IT specialists/hackers with access to internet.

This simply means the writer is not knowledgeable about bitcoin. Secretiveness << this made me think that the author is lacking fundamental knowledge about bitcoin where he just stated the contrast of what Bitcoin blockchain is.  Decentralized but fully transparent,  so definitely North Korea will avoid using this to be able to avoid tracking of the opposing countries of its fund movement.  I think the same too, probably this guys are just local IT specialist exploiting weak-security exchanges.

[greeklogos]

I thought they don't have the Internet there. Excuse me if I'm wrong, but I just never heard that North Korea uses the Internet. I think it's new gossip story to make people confused about what is really going on with bitcoin.