[2019-04-30] North Korea Exploits Southeast Asian Cryptocurrency Exchanges

[bbc.reporter]

My skepticism might sometimes get the better of me. However, my first reaction to this article is that some people in power will spread fear to manipulate everyone to support in having what they want, to pass the legislation that they need to formulate their corrupt polices.

I predict another fud article about the North Korean nuclear program is funded with bitcoin coming soon hehehe.



North Korea could represent a danger to nations over Southeast Asia as it hopes to misuse digital currency trades because of loopholes in administrative systems.

The exploration from the Royal United Services Institute (RUSI)finds that as North Korea keeps on dodging worldwide approvals. It’s directing its concentration toward cryptographic forms of money like bitcoin. Because of the nearness of Southeast Asia to North Korea, this makes it helpless against the country’s digital currency action.

“Since Southeast Asia also features a nascent but burgeoning cryptocurrency industry, local law enforcement agencies will likely require further knowledge and resources to ensure that they can successfully respond to cryptocurrency-related criminal activity over time should the local cryptocurrency industry continue to grow in scale,” the report reads.

Read in full http://www.coinnewsasia.com/north-korea-exploits-southeast-asian-cryptocurrency-exchanges/

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[CryptoBry]

I have no doubt that North Korea is very successful in attacking many exchanges and crypto-related establishments in just those based in Southeast Asia but even in many parts of the globe. Can be because they have the sophisticated capacity to do so and it is very lucrative. I guess the best thing to do is to develop countermeasures that can rival this sophistication for the sake of protecting possible victims of the mayhem. Now, if this reality can be exploited by anyone in the pursuit of their own vested interest, people have to be careful in balancing the act of understanding the problem.

[slaman29]

The reports look like they have been coming out of South Korea at least since 2018, because this is not the first time I've seen "proof" about North Korean hackers. But I would be unsure of the objectivity of these reports. 1st of all, hackers from a government getting this good? Usually the independent ones are the best. Second, South Korea is of course political enemy of North. They surely have nothing good to say. And South Korea plus US are allies. So yes, I do agree, a lot of politics behind this news.

Just like there is so much politics behind anti Bitcoin and Bitcoin FUD.

[shamc]

North Korea will become the new Venezuela if they ever allow their citizens to use the internet. At least the government will get into crypto for underground weapons trading

[Kemarit]

North Korea will become the new Venezuela if they ever allow their citizens to use the internet. At least the government will get into crypto for underground weapons trading

But they won't allow and will continue to censore it because they are afraid of giving their citizens too much power. I'm under the impression that it's a state sponsored attacks, primarily targeting South Koreans exchanges to scope lots of crypto for funding. Might be for military weapons, installations or just to give food for their citizens. We all know that they are still under a heavy sanctions from the West. And they find this whole crypto exchanges a gold mine to at least circumvent those trade embargo and help them sustain it's economy.

[LeGaulois]

This institution is funded by a lot of firms like Google, Philips Morris, Airbus, even by the USA department. This think tank is not so independent. (It's the same problem with Interpol) Always the same story: Bitcoin and illegal activities, a pure fear business.

The administrative loopholes could be quite easily fixed with adapted laws, Asian countries will feel 'safe' somehow. But from the North Korea point of view, it won't change a lot, they will 'exploit' another channel, and there are a many  (OTC, etc,) they're sure other countries doing the same but nothing about them btw.

[Slow death]

it's unbelievable that they spread such things, do they have any solid evidence to support such a theory? and why the hell does korea from the north not let live in the cave and face the democratic world? How long will the North Korea be living in the time of the dictatorship? countries like north korea, cuba and venezuela and some others, should not exist. because they are a great cancer for planet earth.

[bbc.reporter]

This institution is funded by a lot of firms like Google, Philips Morris, Airbus, even by the USA department. This think tank is not so independent. (It's the same problem with Interpol) Always the same story: Bitcoin and illegal activities, a pure fear business.

The administrative loopholes could be quite easily fixed with adapted laws, Asian countries will feel 'safe' somehow. But from the North Korea point of view, it won't change a lot, they will 'exploit' another channel, and there are a many  (OTC, etc,) they're sure other countries doing the same but nothing about them btw.

However, we do not need fixes. It is the people who run the world who need these fixes to make it easier for them to control bitcoin and stop it from being a real threat on one of the big banks' biggest business. Money laundering.

[LeGaulois]

This institution is funded by a lot of firms like Google, Philips Morris, Airbus, even by the USA department. This think tank is not so independent. (It's the same problem with Interpol) Always the same story: Bitcoin and illegal activities, a pure fear business.

The administrative loopholes could be quite easily fixed with adapted laws, Asian countries will feel 'safe' somehow. But from the North Korea point of view, it won't change a lot, they will 'exploit' another channel, and there are a many  (OTC, etc,) they're sure other countries doing the same but nothing about them btw.

However, we do not need fixes. It is the people who run the world who need these fixes to make it easier for them to control bitcoin and stop it from being a real threat on one of the big banks' biggest business. Money laundering.

Any argument is good to use against the country. They did the same with traditional currencies but now they are realizing that NK is also using crypto: Look at them! Bad guys! Boo!
This is basically an intergroup conflict and The USA uses North Korea as the scapegoat. The real reason for the conflict is REE, North Korea is the most important country in the world owning it (and maybe mainly the only one) and companies USA need it.