North Korea prepping to attack South Korea’s digital currency sector alleges report.

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Ritika Sharma
Ritika Kumari Sharma is an Economics Honors graduate from the University of Calcutta. She is completely into finance and believes that cryptocurrencies are the future. She is an enthusiast learner about the cryptocurrency and blockchain technology.

North Korea is preparing to target South East Asia’s cryptocurrency sector with its advanced cyber and financial capabilities.

North Korea is already a secluded state facing sanctions from the United States of America and the United Nations regarding a number of issues which include missiles and nuclear weapons issues. North Korea also poses cyber threats to a number of countries. North Korea desperately wants such sanctions to be removed and the United States of America wants its complete denuclearization. Thus a consensus is difficult to achieve. The latest meeting between the two countries in Hanoi, Vietnam, failed as both the countries did not reach on any agreement.

The Royal United Services Institute for Defense and Security Studies, a British defense and security think tank has speculated cryptocurrency breach threat. RUSI has created a report that alleges blames North Korea for cryptocurrency breach against South Korea. “North Korea has gone to extremes to raise funds and evade international sanctions, recently expanding these efforts to include the exploitation of cryptocurrencies such as Bitcoin,” states in the report. The above statements are said in the report by David Carlislie who is with the United States Treasury Department.

The report states that “As a determined and sophisticated cyber actor in need of financial resources, North Korea is likely to continue to find ways of obtaining and exploiting cryptocurrencies,”

The people preparing the report are convinced of a ‘systemic risk” on South Korea’s virtual currencies by North Korea and they clearly state in the report that, “North Korean networks have engaged in fundraising and have evaded trade and financial restrictions through the use of front companies, agents and deceptive financial techniques at banks across the region,”

“Because Southeast Asia is also hosting to a growing number of cryptocurrency businesses and users, countries in the region could prove vulnerable to North Korea’s cryptocurrency-related activity as well,”

“North Korea could cash out its cryptocurrency profits by relying on its extensive overseas financial networks to open and operate accounts at cryptocurrency exchanges in the region,”

The report has clearly stated the above.

South Korea should take necessary measures to prevent itself from any such attack and it should be fully prepared if any such thing happens against it.

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