Cryptocurrency Mining of North Korea Increases Ten Times to ...
Cryptocurrency, News

Cryptocurrency Mining of North Korea Increases Ten Times to Circumvent Global Sanctions

Reports have it that North Korea is working on the expansion of its cryptocurrency mining operation towards the generation of revenue and to prevent sanctions, bringing about ten times increment within the previous 90 days.

A threat intelligence firm known as Recorded Future reported that the country utilizes three strategies for the generation of revenue through the internet: exploiting cryptocurrencies and blockchain technology, online banking crimes and low-level information technology breaches.

North Korea is a suspect regarding the hacking of cryptocurrency exchanges in South Korea. Likewise, the country is suspected to be carrying out cryptojacking and cryptocurrency mining.

According to the report, North Korea has targeted Bitcoin, Litecoin and Monero. It was reported that the country’s mining operation in Oct. 2018 was the same as Bitcoin mining concerning traffic volume and rate of communication with peers.

The report revealed that Monero mining activity increased by at least ten times as of Nov. last year. However, the firm could not determine the hash rate due to proxy of every activity via one IP address believed to accommodate numerous unknown machines.

According to the researchers’ suggestion, the tactics of North Korea could be a playbook for other nations isolated financially looking to evade United States sanctions through the internet, like Venezuela, Iran or Syria.

coinmag

Born, raised and schooled in Sweden with a degree in law, Glenn is a long time crypto enthusiast. He quickly acknowledged the potential of the blockchain technology, and the benefits of decentralization. Glenn believes in a future where blockchain technology and decentralization will govern and enable people to have a transparent security and financial system.

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