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Here’s How Much Bitcoin North Korea Amassed After Hacking Asian Cryptocurrency Exchanges

  • Alex Morris
    📰 News

    🏦🐱‍💻Apart from banks, oil and gas companies, North Korean hackers also target the biggest cryptocurrency exchanges in Asia💱


Here’s How Much Bitcoin North Korea Amassed After Hacking Asian Cryptocurrency Exchanges
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According to a report prepared by a United Nations (U.N.) Security Council expert panel, North Korea stole $670 mln worth of foreign fiat currencies and cryptocurrencies in order to circumvent financial sanctions. Other governments are encouraged to cooperate in order to prevent such attacks.

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Circumventing sanctions  

This is the very first time when security experts provided insights into the way North Korea obtains cryptocurrencies with the help of cyber attacks. These attacks started in 2015 and lasted until 2018.
Notably, they imposed new the UN imposed new sanctions that were supposed to curb the country’s lucrative coal trade with China. North Korea has been under UN sanctions for 15 years due to the launch of its nuclear program.


Targeting Asian tigers

The above-mentioned report states that North Korea hackers have managed to carry out at least five successful attacks on Asian cryptocurrency exchanges with the total amount of losses standing at $571 mln worth of crypto.  

Kim’s bet on Bitcoin

Virtual currencies are particularly enticing to the authoritarian state because they are not regulated by governments and cannot be easily traced. As reported earlier by U.Today, North Korea also relied on cryptocurrency mining in order to generate funds for the regime.

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Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader


Bitcoin's April 2 Breakout Was Reportedly Orchestrated by One Trader
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It’s been over two weeks since Bitcoin’s astronomical surge on Apr. 2, but new theories about what might have caused this bullish uptick continue to pop up. According to crypto-oriented analytical firm CoinMetrics, that epic surge was causes by a single trader.

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Mammoth-size trades

CoinMetrics claims that ‘a single committed trader’ concocted a plan to push the BTC price, and he successfully managed to do that by picking the time of the day when the global liquidity is at its lowest level.


(Source: CoinMetrics.io)

(Source: CoinMetrics.io)  

The report also suggests that the trader started to execute his plan on HitBTC (500,000 USDT were traded for Bitcoin prior to the price movement). After that, large trades were observed on Coinbase and Bitfinex.      

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Focusing on the future

Meanwhile, as reported by U.Today, another theory states that the rapid price surge was triggered by the expiration of the CME futures contracts and heavy spot and over-the-counter buying. One expert went as far as claiming that a simple April joke about the Securities Exchange Commission (SEC) could do the trick.

While no one is quite sure about what could have triggered the short-living rally, there is even a bigger disconnect when it comes to Bitcoin price predictions. While some share their bullish predictions for 2019, another report states that it could take 22 years for Bitcoin in order to match its current ATH of $20,000.

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