2$ Billion Fiat Stolen

2$ Billion Fiat Stolen

Business Crypto news
August 11, 2019 by Super System
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Bitcoin vs Fiat

Nearly $2 Billion in Crypto and Fiat Stolen by North Korea to fund Weapons Program

One of the many fears around cryptocurrency has been its use in illicit acts such as drug trafficking and money laundering. However, even before the emergence of crypto, fiat currency has been used to carry out all of these promiscuous activities and more.

But notwithstanding, everyone’s fear has been dialed up to 10 after UN reports emerged that North Korea is using hacked crypto and fiat currency to fund its weapons program. According to the reports, North Korea is pilfering money from exchanges and banks to carry out its illicit act.

Bitcoin Price in the Last Year – taken from CoinDesk

Bitcoin Price vs Fiat

The independent experts in charge of compiling and presenting the report mentioned that North Korea has employed “several widespread and increasingly sophisticated” strategies and hacks to amass close to 2 Billion across the Web.

The North Korean government chose not to comment when approached on the issue.

 The Implications Of The Hack

Experts report that “at least 35 reported instances of DPRK actors attacking financial institutions, cryptocurrency exchanges and mining activity designed to earn foreign currency.” in around 17 countries. To carry out its operation, the North Korean government using its Reconnaissance General Bureau has hired several North Korea hackers to carry out its Clandestine operations.

The UN report mentions that the actions of North Korea have enabled it to “to generate income in ways that are harder to trace and subject to less government oversight and regulation than the traditional banking sector.”

Since coming into office, POTUS Donald Trump has had several meetings with Kim Jong Un, the North Korean leader. The bulk of the meeting has revolved around North Korea, ending its nuclear program.

Concerning the emerging reports about North Korea’s action, a U.S State Department spokesperson had this to say;

“We call upon all responsible states to take action to counter North Korea’s ability to conduct malicious cyber activity, which generates revenue that supports its unlawful WMD and ballistic missile programs.”

There have been several reports in recent times that showed a strong correlation between North Korea and significant crypto hacks. With the actions of North Korea, it won’t be surprised if other nations follow suit, and start pilfering crypto to fund their weapons program.