North Korea suspected of hacking bitcoin exchanges to get around sanctions

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North Korea suspected of hacking bitcoin exchanges to get around sanctions

A report by cyber security firm FireEye suggests North Korean hackers are targeting cryptocurrency exchanges in South Korea in an attempt to avoid sanctions and fund “the state or personal coffers of Pyongyang’s elite.”

According to FireEye, hackers linked to North Korea have stolen bitcoins from at least three South Korean cryptocurrency exchanges since May 2017. They used spear phishing – a fraudulent practice of sending fake emails – and dispersed malware to obtain virtual cash illicitly.

Cryptocurrency attacks by North Korea were first detected in 2016. In April, four wallets on the Seoul-based cryptocurrency exchange Yapizon were compromised, but could not be clearly linked to North Korean involvement. Yapizon announced losing 3,816 bitcoins or about $5.3 million. The company, however, did not disclose who it believed to be responsible for the crime.

Source: North Korea suspected of hacking bitcoin exchanges to get around sanctions






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