Cryptocurrency Attacks Benefiting North Korea Strike Internationally

Hackers in connection with North Korea have increased efforts to steal Bitcoin for the benefit of Kim Jong Un, CNN reported Tuesday.

Digital currencies such as the Bitcoin have become of interest to North Korea in the wake of U.S. attempts at international sanctions, said the report.

“Sanctions against North Korea are likely to fuel their cybercrime activity” — Bryce Boland, FireEye chief technology officer

“Attacks on cryptocurrency exchanges can be a great vehicle to obtain what is ultimately hard currency,” Boland said.

According to CNN, North Korea’s cryptocurrency venture adds to a list of money-making strategies in the face of rigid international sanctions for an increasingly expanding nuclear weapons program.

Between May and July, FireEye recorded three attacks on South Korean cryptocurrency exchanges, all of which led back to North Korean hackers, said the report. The trend began around the time the U.S, announced plans to increase sanctions against North Korea.

TEMP.Hermit, a group frequently connected to large cyber-attacks such as the 2014 hacking of Sony Pictures, was confirmed to be responsible for the attacks on South Korea, the report said.

Boland said “the potential windfall from these attacks has risen accordingly” in light of new U.N. sanctions and the Bitcoin’s rising value.

Pyongyang has denied involvement with all international cyber-attacks time and time again, CNN said.

– WN.com, Shyma Hossain