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North Korean Hackers Target Cryptocurrency Users and Businesses

Nov 16, 2017 Posted /  5745 Views

North Korean Hackers Target Cryptocurrency Users and Businesses

Hacks Targeting Bitcoin Exchanges Originating from North Korea

Recently FireEye, a cybersecurity firm reported that North Korean Hackers Targeted at least three major cryptocurrency exchanges in South Korea in an attempt to steal cryptocurrency. According to a CNBC,  the hackers are using spear phishing techniques and malware dispersal to obtain virtual cash.

According to a report published by the cybersecurity firm FireEye North Korea is attempting to steal cryptocurrency including Bitcoin, highest price cryptocurrency, in order to ease the situation brought by the numerous sanctions, slapped on the country. Cryptocurrency exchange platforms in South Korea have been major targets for these attacks from North Korea. The main methods deployed by these hackers are spear phishing, a fraudulent way of sending emails to make them appear like is from someone on your contact list. Three South Korean Exchange recently fell victim to this attack through the net amount of damages caused was not disclosed. Previously the hackers were targeting major foreign banks with the aim of stealing money from the banks.

Government Hiring Hackers to Steal Bitcoins

It's been known for a long time that hacking is one of the national pride of North Korea as a country with an escalated level of poverty caused by sanctions on the country, the country's leader seems to be taking desperate measures. The country's supreme leader remains adamant on calls being made by the UN and other international communities to stop its development of Nuclear weapons. But North Korea turned a Blind eye on all of these calls causing the UN to slap it with a  series of sanctions aiming to force the country to shit its nuclear program. Many people Believe that Bitcoin exchanges are not doing enough to make sure Bitcoins on the exchange are save. A member of an online Bitcoin forum gave his view saying,

“I'm sure the crypto industry and cybersecurity industries have some extremely clever and well-versed people working within them and if these hacks are coming from n.korea then lets hope with all these amazing mathematical brains they can come up with even more clever fixes to thwart their opposite but wholly unwelcome counterparts.”

North Korea Trying to Dodge Sanctions

It's Reported that the North Korean administration is struggling to get away from the numerous sanctions that have been imposed on the country and get further funding for the Kim Jong Un Regime. With the increasing sanctions on the country with new ones getting UN approvals, the country could be trying to steal money from foreign exchanges to fund the Kim Jong Un leadership. The hacks on foreign Hi-tech infrastructure is expected to continue at least as long as the country is still under sanctions.


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Tags: North Korean Hackers cryptocurrency Target Cryptocurrency cryptocurrency North Korean FireEye bitcoin exchanges

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