Last month saw the Japanese exchange CoinCheck become victim to the biggest cryptocurrency heist to date. They lost $500 million worth of cryptocurrency. Despite them having no leads at the time, South Korea’s National Intelligence Service told the Japanese Government that North Korea might be behind it all. That said, they didn’t provide any evidence to concern if it was North Korea, but their past speaks for itself.
North Korea has used the cryptocurrency market in the past as a method of bringing funds into its crashing economy. Experts in the financial field recognize that cryptocurrencies are a way for North Korea to gain access to foreign currency and world markets. This could all alluded to the loose regulations surrounding virtual currencies, the anonymity factor and its ability to be converted into hard cash.
Tara O, a member of the Pacific Forum CSIS has reported to the Korea Times, “North Korea continuously seeks ways to bring in hard currency, and one way is to steal or demand payment in Bitcoin or other cryptocurrency,”
If the attack is alluded to North Korea, it can be cause of future concern. This would mean that the nation is stepping up its game in terms of hacking. If that’s the story we’d have to expect a lot more hacks coming from them in the future.
They were accused by the United States in 2017 as the party responsible for the “WannaCry” ransomware attack that crippled banks, hospitals and major companies across the nation. Furthermore, they have been held responsible for several cryptocurrency heist in South Korea throughout 2017.
That said, South Korea has warned Japan and other nations across the world that they need to beef up their security and keep a hard eye on any North Korean hackers. It looks like cryptocurrency might be a big target for the dictatorship in the years to come.