Crypto Regulations in North Korea
The Democratic People’s Republic of North Korea (DPRK) has a well-documented history of conducting illegal financial activities in order to circumvent the heavy sanctions that are imposed on its totalitarian government. Those activities generate revenue which is primarily used to shore up the country’s military strength, including the expansion of its nuclear weapons program. As economic sanctions in North Korea have taken effect, the government has been forced to develop more sophisticated ways to generate illegal revenue, including the use of cyber-attacks to steal money from financial institutions around the world.
Source: Comply Advantage
North Korea Cryptocurrency Laws
Regulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain Technology
North Korea’s regulations or legislation enactment specifically regulating cryptocurrency is unknown. Therefore, the legal status of cryptocurrency in North Korea is controversial. Cointobuy’s analysis tool has ranked Myanmar in position 201 out of 249 countries in terms of cryptocurrency safety, also the crypto-related action in this country has a 1.6/10 safety rank.
Source: Freeman Law
North Korea is using cryptocurrency to steal assets and evade sanctions, according to United Nations and industry experts.
Pyongyang stole about the U.S. $316 million from financial institutions and virtual currency exchanges, a February 2021 report by a panel of U.N. experts found. The North Korean regime has also been using the money to finance its programs of ballistic missiles and weapons of mass destruction in violation of U.N. sanctions, The Associated Press reported.
Source: IP Defense Forum
North Korea has turned to cryptocurrency service providers as a way to evade sanctions restrictions and launder funds generated from its ongoing illegal financial activities. North Korea has also targeted cryptocurrency exchanges with a range of state-sponsored cyber-attacks in order to steal billions of dollars in tokens. In response to the threat posed by North Korea’s cyber activities, governments and international organizations, including the United Nations, are increasing their focus on economic sanctions on North Korea that target cryptocurrencies and cryptocurrency service providers.
Source: Comply Advantage
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Source: ICLG
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North Korea’s economic output consists mainly of manufacturing, construction, agriculture, and a thriving black market. The economy has not significantly changed in the past few decades – except for North Korea’s growing cryptocurrency operations, which have substantially lifted the recently battered economy. North Korea has conducted cryptocurrency mining and heists to make up for the COVID-19 pandemic-related economic deceleration and, more alarmingly, to support it’s nuclear and missile programs. Countering North Korea’s cryptocurrency operations is critical to limiting the advancement of North Korea’s advanced weaponry and restoring confidence in the financial system.
Source: The Diplomat
Hackers from North Korea stole nearly $400 million worth of cryptocurrency in 2021 through at least seven attacks and most of it was Ether or ETH rather than Bitcoin, according to blockchain analysis firm, Catalysis.
Source: ZD Net
North Korea’s hackers and operatives have fully adopted cryptocurrency as a method of bypassing international sanctions and raising funds for the Pyongyang regime.
Source: ZD Net
Federal authorities said Wednesday that three North Korean computer programmers have been indicted for conducting a series of cyberattacks to attempt to steal and extort more than $1.3 billion in cash and cryptocurrency from financial institutions and companies.
Source: CNBC
Heavy sanctions, imposed by both the US and the UN, prevent North Korea from participating in the formal global economy. The regime often circumvents these sanctions, mostly through secretive ship-to-ship transfers of luxury goods, chemicals, and coal, which is North Korea’s primary export.
Source: Business Insider
North Korean hackers stole a total of $395 million worth of crypto coins last year across seven intrusions into cryptocurrency exchanges and investment firms, according to blockchain analysis firm Chainalysis. The nine-figure sum represents a nearly $100 million increase over the previous year’s thefts by North Korean hacker groups, and it brings their total haul over the past five years to $1.5 billion in cryptocurrency alone—not including the uncounted hundreds of millions more the country has stolen from the traditional financial system. That hoard of stolen cryptocurrency now contributes significantly to the coffers of Kim Jong-un’s totalitarian regime as it seeks to fund itself—and its weapons programs—despite the country’s heavily sanctioned, isolated, and ailing economy.
Source: Wired
(CNN)The FBI on Thursday blamed hackers associated with the North Korean government for stealing more than $600 million in cryptocurrency last month from a video gaming company — the latest in a string of audacious cyber heists tied to Pyongyang.
Source: CNN
The FBI states that they will hold North Korea accountable for the crimes committed by their military officials. The cryptocurrency scam cyber-attack is extensive and complicated and demonstrates the close-knit relationships that cyber criminals and government officials can have. These types of relationships can wreak havoc on institutions and other government agencies across the globe. Cybercrimes are becoming increasingly complicated and result in the perpetrators being difficult to pinpoint and stop.
Source: ISOG.org
