According to recent reports, North Korea has been ramping up its efforts to mine Bitcoin and other cryptocurrencies. In fact, it is now believed that the country has a dedicated cryptocurrency mining operation that brings in millions of dollars for the regime. Visit Bit Alpha AI to remain up to date with the latest digital trading trends.
While the exact extent of North Korea’s cryptocurrency mining operations is not known, it is believed that the country has thousands of computers dedicated to mining Bitcoin and other digital currencies. These computers are usually located in secret facilities, such as military bases or government buildings.
The reason why North Korea is mining Bitcoin is likely because the digital currency can be used to circumvent international sanctions. By using Bitcoin, North Korea can trade with other countries without having to go through traditional banking channels.
In addition, Bitcoin is also attractive to North Korea because it is not regulated by any government. This means that the North Korean government can use Bitcoin to pay for goods and services without having to worry about international sanctions.
While North Korea’s cryptocurrency mining operations may be relatively small at the moment, it is possible that the country could ramp up its efforts in the future. If North Korea is able to successfully mine enough Bitcoin, it could eventually become a major player in the global cryptocurrency market.
Bitcoin trading activity between North Korea and South Korea has picked up in recent months, according to a new report.
The report, released by the U.S.-based research firm FireEye on Monday, said that North Korea appears to be using bitcoin and other digital currencies to evade international sanctions and obtain hard currency.
“Since at least early 2017, we have observed North Korean actors targeting cryptocurrency exchanges and related infrastructure in South Korea as part of a broader campaign to earn foreign currency,” the report said.
South Korean news outlet Yonhap News Agency quoted a FireEye analyst as saying that North Korean hackers have stolen “tens of millions of won” worth of digital currencies from South Korean exchanges.
The report comes as the United Nations is set to vote this week on tougher sanctions against North Korea in response to its recent nuclear and missile tests.
In September, North Korea’s state-run news agency KCNA said that the country was “fast becoming a world leader in blockchain and cryptocurrency technologies.”
The FireEye report said that North Korean hackers appear to be using multiple methods to target South Korean exchanges, including spearphishing campaigns and malware attacks.
The report also said that North Korea appears to be using “decentralized exchanges” that allow users to trade directly with each other without the need for a central authority.
“This would allow them to circumvent some of the sanctions currently in place,” the report said.
According to a recent report by the Korea Times, North Korea has been ramping up its involvement in Bitcoin trading in order to skirt international sanctions.
The report cites an unnamed source “familiar with the matter” as saying that North Korean citizens are using Bitcoin to buy and sell everything from drugs to weapons. The country is also said to be mining the cryptocurrency, and may even be using it to launder money.
This is not the first time that North Korea has been linked to Bitcoin. In 2017, the country was accused of stealing $81 million worth of cryptocurrency from a South Korean exchange. And last year, a UN panel reported that North Korea had earned as much as $670 million through cryptocurrency scams and hacks.
The Korea Times’ source says that North Korea’s Bitcoin trading is being facilitated by Chinese middlemen, who are helping the country to skirt international sanctions. The UN has placed strict economic sanctions on North Korea in an effort to get the country to give up its nuclear weapons program.
While it is impossible to know exactly how much Bitcoin North Korea is trading, the Korea Times’ source says that the volume has increased significantly in recent months. The source also says that North Korea is now “one of the biggest players” in the global Bitcoin market.
If the reports of North Korea’s Bitcoin trading are true, it would be yet another example of the country finding ways to circumvent international sanctions. It is also a reminder of the risks of investing in cryptocurrency, as North Korea has shown that it is willing to steal and hack in order to get its hands on digital currency.
