The United Nations (UN) is investigating 35 North Korea cyber attacks in 17 countries, according to an article published by the Associated Press. The news comes after a list of countries including South Korea, India, Bangladesh, and Chile were reported to have become the victims of malicious cyber attacks originating from North Korea.
As more nations become the victims of malicious cyber attacks traceable to North Korea, the United Nations has swung into action to tackle the growing problem and has reportedly been able to identify the various modes of operation of the hackers in question.
North Korea May Be Mining Cryptos To Fund Military Branches
According to the report, one of the ways in which the hackers operate is by launching attacks on both cryptocurrency exchanges and users to take control of cryptocurrency wallets with the aim to steal valuable cryptocurrencies like bitcoins. Another known method is by crypto mining activities for funding professional military branches.
According to the article, investigations also revealed cases of “cryptojacking” in which malware is used to illicitly take control of computer systems to gain computational power for generating cryptocurrency. Previously, a report had analyzed a piece of malware designed to mine the cryptocurrency Monero “and send any mined currency to servers located at Kim Il-sung University in Pyongyang”.
North Korean Hackers Stole $58 Million From Bithumb
As per users and exchange attacks, one of the neighboring country’s big cryptocurrency exchanges, Bithumb has reportedly fallen victim on at least 4 different occasions between 2017 to 2019, losing about $58 million in the process. The first two attacks were launched in 2017. The exchange had lost around $7 million to the attack at the time. About a year later, another attack was launched in which the hackers made away with about $30 million before finally launching the latest one in March 2019. The 2019 attack claimed $20 million from the exchange.
North Korea Stealing Funds To Build Weapons
More countries keep lodging reports of illicit cyber activities of North Korean origin. According to a report by the U.N. Security Council North Korea sanctions committee published about a week ago, North Korea has used “widespread and increasingly sophisticated” cryptocurrency hacks to collect roughly $2 billion. These funds were reportedly used to fund its various weapons of mass destruction.
1- Do not invest in every ICO – most of them are a scam.
2- Crypto is a heavily manipulated commodity and the price can change at any moment.
3- The creation cost of a coin represents the “wholesale” price – It is always better to buy when the price is close to the creation cost.
4- Crypto has a natural cash flow that dictates the selling pressure. Like, 1800 bitcoins are mine each day so 1800 bitcoin must be bought at the current price (“means market needs new $18 millions of investment every day if the price is $10,000 to maintain the current price“).
5- Patience and timing are key to making a profit:
Buy, when the price is close to the creation cost.
Sell, when the price is way high off the creation cost.