North Korea Stole 11,000 bitcoins in 2017

North Korea may have made over $200 million USD from cryptocurrency transactions last year, according to a former NSA official. DPRK is believed to have obtained at least 11,000 bitcoins through mining or hacking in 2017. Pyongyang continues to exploit the benefits of using cryptos and the cyber security weaknesses of its adversaries

North Korea has been trying to benefit from the opportunities cryptocurrencies offer, in terms of freedom and anonymity of transactions. The international financial system is largely unavailable to Pyongyang, as its access is severely limited. Multilateral sanctions over its nuclear and missile programs have been imposed. North Korean interest in cryptos has been confirmed by reports indicating that Pyongyang University is offering courses on cryptocurrencies. The Alma Mater is considered to be the breeding ground for North Korean  hackers.

According to the South Korean intelligence agency, the North is involved in the hack of Bithumb, the country’s largest cryptocurrency exchange. Personal data of more than 30,000 of its users was stolen by hackers. Authorities in the Republic of Korea have fined Bithumb’s operator for leaking private information. Cryptos worth billions of won were stolen by DPRK hackers last year

Do you think North Korea will continue to exploit the benefits of using cryptocurrencies and the cyber security weaknesses of its adversaries? Share your thoughts in the comments section below.