Slashdot Mirror
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.
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.
China is propping up North Korea because they want a buffer state in the way. They're not exactly pleased with Kim Jong Un's nuclear ambitions, but the last thing they want is a regime change to a more democratic model.
They're supporting the (somewhat watered down) sanctions that just passed the UN Security Council, and you damn well bet that there's some conversations going on between China and North Korea over this. But they still have to be careful about this because, as you may have noticed, North Korea doesn't have a history of stable reactions.
China has also said that if North Korea is preemptively attacked, they will honor their defense treaty with North Korea and assist them. Hopefully, Trump isn't stupid enough to test that. But China has also said that if North Korea starts anything (like attacking Guam), then they're on their own. Hopefully, Kim Jong Un isn't stupid enough to test that.
Mr. Hu is not a ninja.