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Bitcoins / Breaking News / Exchanges

North Korea Is Making Money Hacking Cryptocurrency Exchanges

It has emerged that North Korean hackers have made millions in various cryptocurrencies in recent weeks, thanks to a series of successful cyberattacks.

Reuters reported that even more attacks from North Korea are to be expected, as international sanctions force the country to find new ways to make money. The government has been blamed already for the WannaCry virus, which was responsible for infecting hundreds of thousands of computers in the Spring. This was widespread, with the effects being felt in 150 countries.

Although the exact reason behind these attack is unclear, it is thought that Bitcoin hitting new price highs has been an incredibly enticing target for the hackers. South Korea researchers have also informed Reuters that recent attacks on Bithumb, Coinis and Youbit were the work of the North Korean hackers; however North Korea have adamantly dismissed the accusations that they were behind the attacks on the cryptocurrency.

The South Korea’s National Intelligence Service, or NIS, reported that North Korean hackers were responsible for the theft of $6.99 million worth of tokens throughout the year. They believe that they also targeted 36,00 accounts on Bithumb, the busiest cryptocurrency exchange in the world, where they leaked personal information. The malware that they chose to use in the attacks was similar to that of the Sony Pictures and Bank of Bangladesh hacks. They have also attempted an email attack; however, this was intercepted by the Korea Internet and Security Agency (KISA).

In September, Bloomberg Technology reported that North Korean hackers had hit a number of South Korean cryptocurrency exchanges, breached an English language Bitcoin news website and funnelled Bitcoin ransom payments from WannaCry victims.

It is believed that the stolen crypto tokens could be used to help the country avoid trade restrictions including the recent sanctions approved by the United Nations Security Council. These new measures will cut textile exports by ninety percent, which will restrict the ability to get hard currency.

The stolen cryptocurrencies could be used to help North Korea avoid trade restrictions, including recent sanctions approved by the United Nations Security Council. U.S. officials said the new measures would cut the country’s textile exports by 90 percent, restricting its ability to get hard currency.

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Frances is a writer for Crypto Daily, and she is responsible for bringing you the latest news on everything that is related to the Crypto world. She has a keen interest in Cryptocurrencies, and has many years of experience writing in all different roles. She is incredibly passionate about writing, and this combined with her interest into the finance, and virtual currency sector means that you are kept up to date with all of the latest news and information regarding all cryptocurrencies.