North Korea Is Dodging Sanctions With a Secret Bitcoin Stash (bloomberg.com)

An anonymous reader quotes a report from Bloomberg: North Korea appears to be stepping up efforts to secure bitcoin and other cryptocurrencies, which could be used to avoid trade restrictions including new sanctions approved by the United Nations Security Council. Hackers from Kim Jong Un's regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to a new report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from global victims of the malware WannaCry, according to the researcher. Kim's apparent interest in cryptocurrencies comes amid rising prices and popularity. The same factors that have driven their success -- lack of state control and secretiveness -- would make them useful fund raising and money laundering tools for a man threatening to use nuclear weapons against the U.S. With tightening sanctions and usage of cryptocurrencies broadening, security experts say North Korea's embrace of digital cash will only increase. The 15-member Security Council on Monday approved sanctions aimed at punishing North Korea for its latest missile and nuclear tests. U.S. officials said the new measures would cut the country's textile exports by 90 percent, restricting its ability to get hard currency.

Comments

This is why we need to criminalize CryptoCash

[Anonymous Coward]

This is precisely why cryptocurrency was invented - to skirt the law and avoid moral responsibilities. Its sole purpose is as an enabler of criminal activity.

Just fucking ban this fake monopoly money bullshit already.

Re:This is why we need to criminalize CryptoCash

[geekmux]

This is precisely why cryptocurrency was invented - to skirt the law and avoid moral responsibilities. Its sole purpose is as an enabler of criminal activity.

Just fucking ban this fake monopoly money bullshit already.

I'll support this mentality right after I see CEOs of banks behind bars for skirting laws and violating moral responsibilities.

The corrupt Financial Industrial Complex is the real reason cryptocurrency was invented and continues to be justified.

Re:This is why we need to criminalize CryptoCash

[geekmux]

The corrupt Financial Industrial Complex is the real reason cryptocurrency was invented and continues to be justified.

And the real reason why the governments will want it to stay in place is full traceability. Yes, for now, BTC is totally anonymous. But wait till the governments put their nose into it, and require all wallet holders to be IDd. Then ALL the transactions you will ever have done in your life can be tied to you. I want to still be able to use paper money, and they will make it more and more difficult to use it.

With the amount of surveillance in the world today, not even paper money transactions should be considered private or anonymous.

Re:China

[Archangel Michael]

Define "preemptive" attack?

When Kim launches another ICBM over Japan, is that an act of war and can we respond or not?

If one suggests that a missile launch is not a threat or act of war, then nothing is. Especially considering the fact that Kim could be tipping that missile with nuclear bombs, we'd never know until it was too fucking late and Tokyo or Portland is an ash heap.

While I doubt Kim is that stupid, there is no indication that he is smart either.