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North Korea Encroaches on Burgeoning Crypto Sector in Southeast Asia: Report


North Korea Encroaches on Burgeoning Crypto Sector in Southeast Asia: Report
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North Korea, an authoritarian state that has been under UN sanctions for more than 40 years, could rely on cryptocurrencies in order to circumvent these sanctions. According to the recent CNBC article, which cites a new report published by the Royal United Services Institute (RUSI), Kim Jong-un’s ambitions could take a toll on the burgeoning crypto sector in Southeast Asia.

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Crypto bandits  

The RUSI report reveals that North Korea has been keen on stealing crypto for quite a while in order to avoid the sanctions that tarnished the country’s economy. The country was allegedly behind the infamous WannaCry attack that took place in 2017. The ransomware infiltrated more than 300,000 computers and demanded ransom in BTC.    


"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 report states.  

 

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A real threat

Southeast Asia, with its growing (and loosely regulated) crypto sector, appears to be an attractive target for North Korea.

"Because Southeast Asia is also host 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," the report further said.

Thus, the London-based think tank of security experts encourages Thailand, Philippines and other counties in the Southeast Asian region to assess the risks that and enhance their protection from foreign cybercriminals.

As reported by U.Today, North Korea has managed to conduct a few successful attacks on Asian cryptocurrency exchanges, stealing more than $571 mln worth of digital assets.

Cover image via u.today
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Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak

  • Alex Morris
    📰 News

    Binance Coin is so far the second cryptocurrency (after EOS) that managed to rebound after January 2018's drawdown


Crypto Wonders: Binance Coin (BNB) Hits Its New ATH, Surpassing Its January 2018's Peak
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After surging by more than 14 percent over the last 24 hours, Binance Coin has managed to surpass its previous ATH that was recorded during the peak of the bull market in January 2018, according to the data provided by CoinMarketCap (CMC). The historic rally was triggered by numerous recent developments inside the exchange’s ecosystem.  

Binance Coin, CoinMarketCap
Binance Coin continues to register double-digit gains, image by CoinMarketCap

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BNB makes history

At the time of writing this article, the price of the BNB token is at $24.65, rising above its previous ATH of $24.46 that was recorded on Jan. 12. Hence, Binance Coin, the seventh largest cryptocurrency by market capitalization, becomes only the second asset to reach a new price peak after the crash of the speculation-driven bull market. EOS, which is sitting one spot above BNB on CMC, achieved a similar feat in May 2018.

‘Binance Coin is outpacing the overall crypto market. While Bitcoin is off 75% from its all-time-high, Binance Coin has recovered. There is fundamental growth and synergy taking place that is contributing to the rising price of Binance Coin,’ says BitBull Capital CEO Joe DiPasquale.

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Pumping other coins

On Apr. 18, Binance launched the mainnet of its custom Blockchain Binance Chain. The migration of BNB tokens from Ethereum to Binance Chain is scheduled to take place on Apr. 23. This is going to be the second largest token swap in history.

Binance, which is now completed with Ethereum, has already on-boarded some Blockchain projects, including Mithril (MITH) that experienced a 70 percent price pump after its launch on Binance Chain.

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