The recent allegation of amassing 2 billion $ from banks and crypto exchanges is been denied by the DPRK. The smoke embarked when a report by the UN stated that North Korea is been continuously implying hacking techniques to fund destructive programs.
This in no way helps the cause of crypto developers, who try to argue that their currencies won’t be used for illegal activities. The most recent example being the worries surrounding the creation of the Libra, Facebook’s digital currency.
There have always been questions about whether cryptocurrencies will be used only for legitimate purposes or not. But as practice shows, this hasn’t stopped investors from trading them with systems like Bitcoin Loophole for example.
North Korea’s Reaction
On to this allegation, Korea’s Central Newsagency which is the official state media of Korea has declined the allegations on the 1st of September.
The UN has represented this report in front of Reuters and has claimed that North Korea has used extensive and excessively sophisticated methods of cyberattacks and have theft such a mass amount. The 2 billion $ worth is expected to be used for funding dangerous programs including testing missiles and weapons.
In the presentation of the report, the UN represents added that an international approach via North Korea due to regular deficiencies in the implementation plan of financial sanctions by the Member States.
Also, these deficiencies got boosted by fraudulent practices of North Korean agents. As per the reports of experts, most of the online hacking is been done through agents set up in Pyongyang.
North Korean agents have done large scale hacking-attacks that cannot be tracked and caught under government supervision. These attacks are opposite to the traditional banks which can be traced and generates a hefty amount of income.
The official telecast from Korea’s Central News agency displayed a statement from the National Coordination Committee of the DPRK which is made to examine Money Laundering and Funding of Terrorism.
The committee believes that the US and the other opposing forces are behind the conspiracy for spreading rumors. North Korea even feels that the US is following Hitler’s style. Which is a bold statement, and probably rooted in US’s wariness and animosity toward the cryptocurrency market as a whole.
North Korea and the US have been the biggest opponents of each other, and flames got erupted when US president finally landed on Korean soil on 30th June and has also agreed to begin functional talks within a few weeks. The US is continuously putting pressure on North Korea to leave its Nuclear Weapons Programmes. Since then, there have been 3 meets between an American president and Korean leader Kim Jong Un.