Mining Crypto and Evading Sanctions in North Korea

Mining Crypto and Evading Sanctions in North Korea
фото показано с : bitcoinist.com

2018-9-27 12:00

Cybersecurity and anti-money laundering experts believe that North Korea could be using cryptocurrencies to acquire USD. The country is likely developing its own cryptocurrency and private blockchain.

Mining Crypto to Evade International Sanctions

Experts from MirandaFinIntel Consulting recently told Asia Times, that North Korea has increased its use of cryptocurrencies for accessing U.S. dollars and circumventing international sanctions. Financial intelligence analysts Lourdes Miranda and Ross Delston, attorneys specializing in anti-money laundering (AML) and combating the financing of terrorism (CFT), found that the DPRK is most likely trading an assortment of cryptocurrencies and in the process of creating its own.

Apparently, the DPRK could trade Bitcoin (BTC) 00 and other cryptocurrencies by creating an unlimited number of hot wallets owned by people living within and outside of the DPRK. Both researchers explained that:

[North Korea] could open an online wallet using a Russia-based service, transfer its cryptocurrency into a Bulgaria-based wallet service and then transfer it again into a Greece-based wallet service, all through anonymous communication and using their own blockchain.

This process of using “multiple international exchangers” to mix and shift money with digital currencies closely resembles the money laundering process and both suggest that the “DPRK [has the capability of] creating [its] own cryptocurrency or using established ones like Bitcoin.”

Crypto-Obfuscation

When asked exactly how the DPRK could use its own cryptocurrency, the analysts explained that this could be easily achieved by changing the send or recipient information so the transaction appears to have come from a reputable source.

If the DPRK is developing their own cryptocurrency this would ease the process of laundering money, as cryptocurrency miners in the DPRK could simply send funds to a verified wallet anywhere in the world and exchange the funds for fiat or other digital currencies. Delston and Miranda further explained that the DPRK could “obscure the source of funds” by shifting and mixing the currencies, as this will “break the linear pattern of transaction” within a blockchain network.

Is a DPRK Token Coming to an Exchange Near You?

The DPRK appears to have already begun this process, and former U.S. National Security Agency official Priscilla Moriuchi recently told Vox that the DPRK could be making as much as $200 million through the creation and selling of cryptocurrencies. These are eventually converted “into hard cash.”

What do you think about North Korea developing their own cryptocurrency? Share your thoughts in the comments below!

Images courtesy of Bitcoinist archives, Shutterstock.

The post Mining Crypto and Evading Sanctions in North Korea appeared first on Bitcoinist.com.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Emerald Crypto (EMD) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 4.67 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 99999
Цена в час новости $ 0.0063085 (-100%)

korea north sanctions mining crypto international cryptocurrencies

korea north → Результатов: 27


South Korea Points to North Korea as Cryptojacking Culprit

South Korean intelligence officials are pointing toward North Korea as being the responsible party behind a string of cryptojacking cases across the country. North Korea Continues to Mine for Crypto on South Korean Computers According to a new intelligence gathering report, prompted by an upcoming visit to North Korea’s nuclear test site by international inspectors,.

2018-11-1 04:00


Report Finds Mining Activity and Bitcoin Exchange Development in North Korea

A report by South Korea’s state-run Korea Development Bank (KDB) suggests that North Korea has been mining cryptocurrencies, according to local media. In addition, a technology firm in the country is developing an exchange platform for bitcoin, while average citizens of North Korea have little knowledge of cryptocurrency, the report claims.

2018-8-28 07:45


Фото:

North Korean Hackers Infiltrate Unnamed Crypto Exchange in First-Ever MacOS Hack

North Korea’s notorious cyber-hacking outfit, “Lazarus Group,” has reportedly deployed a MacOS-based malware to infiltrate cryptocurrency exchanges and applications, according to Kaspersky Labs. North Korean Attackers Strike To date, Lazarus remains an unknown entity, with no information on the number of individuals identifying with the outfit.

2018-8-25 07:00


Trump Pump! PotCoin Surges 20% as Unofficial North Korea Summit Sponsor

US president Donald Trump inadvertently caused cannabis-focused altcoin PotCoin to jump 20 percent after his summit with Kim Jong-un. Rodman Showcases ‘Support’ — And PotCoin In a curious first win for cryptocurrency as a direct consequence of the summit, PotCoin became its unofficial sponsor after retired US basketball player Dennis Rodman arrived to “give support” to the two leaders.

2018-6-12 15:00


Фото:

Coinrail Hack See’s Markets Crash As $40 Million Stolen

The markets are down this morning in the wake of an alleged $40 Million hack of South Korean cryptocurrency exchange, Coinrail. Given current political activities within Singapore (the summit involving both the US President and the Leader of North Korea) we did expect the markets to be a little shaky this morning, the current view however is far worse than we expected.

2018-6-11 12:00