North Korea is known to have been hitting cryptocurrency trading platforms and financial institutions to fund its weapons programs. Reportedly in the early of November last year, the nation has conducted another test of super-large multiple rocket launcher.
The nation is also known to have an intelligence agency to groom ‘cyber agents’ from a very early age to become hackers and steal cyber money and is known to have used an attack method called ‘spear-phishing’ on a bank in Bangladesh in 2016.
According to a new report, the nation is now intensifying efforts to mine cryptocurrency on their own. This could be the nation’s possible last resort to gain revenue to fund its weapons programs and also as a means of moving and using illicitly obtained funds.
Additionally, the report stated that there is an increase of 300% in the volume of activity to and from North Korean networks since 2017. It is notable that the internet is no longer a fascination or leisure activity but has become a critical tool for North Korean leaders.
Besides, there is a tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. Monero’s anonymity and lower processing power requirements are likely why the digital currency is more attractive than Bitcoin to North Korean users.
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Nurul is an English Language graduate who is highly passionate on writing, she literally breathes on it. An avid reader and a critical thinker, she covers on blockchain news during day and weeps at sad novels at night.