N Korea ‘Absolutely Amassing’ Bitcoin, S Korean Exchange Bankrupted By Hack

December 20, 2017 11:27 pm Published by

Cointelegraph, quoting CrowdStrike CEO George Kurtz, reports, North Korea is “absolutely” stockpiling Bitcoin to launch cyber attacks, he told CNBC Wednesday.

There have been a flurry of reports recently the secretive North is using cryptocurrency to launch attacks on the South Koreans in particular and there is no doubt it is “amassing” Bitcoin via theft.

“I certainly think it highlights the capabilities that North Korea has in cyber… It’s something a lot of companies should be concerned about, particularly those companies that are dealing in Bitcoin and cryptocurrencies.” – CrowdStrike CEO George Kurtz

The most recent report shows North Korea has a propensity to steal Bitcoin from South Korean exchanges, known as cross country report hacks, this year.

In fact, leading exchange Bithumb saw funds disappear en masse in July, the report said, while this week, smaller exchange Youbit filed for bankruptcy because of a hack, which lost it 17 percent of its assets. That hack is now being attributed to North Korea.

“They’re building a cache of Bitcoin, if you think about it,” Kurtz said. “It’s an anonymous currency, it can easily bypass any sort of sanctions because there are none on Bitcoin, and the value has increased dramatically,” he continued.

“It’s the perfect currency for North Korea to be hoarding,” he added.

WN.com, Jack Durschlag

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