More

    FBI Director: North Korea Conducted Cyberattacks Involving Cryptocurrencies Due to Sanctions

    North Korea could be behind different attacks made to crypto related companies and exchanges. According to some reports, this is related to the fact that North Korea has been affected by heavy sanctions from other countries.

    • North Korea could be behind cryptocurrency attacks during the last years
    • Countries applied sanctions to the nation that affected it economically

    According to the South Korean news outlet Korea Herald on May 30, United States sanctions on North Korea could have incentivized the country to conduct cryptocurrency cyber attacks. The news outlet cites a senior FBI official that said this during a conference.

    FBI Believes North Korea Performed Cybercrimes After Sanctions

    Tonya Ugoretz, deputy assistant director of the FBI’s cyber division, said that financial sanctions imposed to North Korea could have pushed it to perform cybercriminal activities. Tonya Ugoretz said that during an event that was organized by the U.S. think tank The Aspen Insitute.

    Pyongyang seems to be behind different malicious campaigns related to crypto hijackings such as ransomware and other hacks to South Korean exchanges. According to the deputy assistant director of the FBI’s cyber division, financial sanctions were able to have a strong economic impact on the country which pushed authorities to conduct cyber operations as a means to make money. These attacks include crypto mining or bank theft.

    Some of the attacks that are linked to North Korean cyber criminals include the 2017’s WannaCry, and other attacks to crypto exchanges in South Korea and other countries in the region.

    The director of the Cyber Threat Intelligence Integration Center, Erin Joe, stated that the FBI was focusing on deterrence of crypto-related attacks. The Korea Herald quoted him saying that there is a huge effort in the FBI to stop malicious activity related to cryptocurrencies and other threats.

    Indeed, there are some reports that say that countries such as Venezuela, Iran or Russia are using digital assets in order to avoid financial sanctions imposed by Western countries. Indeed, Venezuela, for example, created its own digital currency called Petro.

    In order to avoid being affected by these hacks, it is necessary for users to hold their digital currencies on cold storage wallets, including hardware and paper solutions.

    Get Free Email Updates!

    *Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

    I will never give away, trade or sell your email address. You can unsubscribe at any time.

    Carl T
    Carl T
    Carl is a legend in cryptocurrency space for his long-storied experience, history and insights. He is a digital nomad who fell in love with bitcoin and its offspring for many years now and prides himself on delivering quality perspectives in the emerging world of crypto-assets and blockchain technology.

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

    LEAVE A REPLY

    Please enter your comment!
    Please enter your name here

    3,290FansLike
    2,765FollowersFollow
    4,139FollowersFollow

    Live Bitcoin Price & Latest BTC Charts

    Today's Latest Crypto News

    Ethereum (ETH) Price Analysis (February 27)

    • Ethereum greatly follows the downward trend pattern as price is now falling towards the support level. • Bearish scenario is playing out in the...

    Compound Protocol Moves Towards Decentralization With COMP Governance Token Launch

    Compound users will now wield the power to propose and vote for changes to be implemented on the platform. This aligns with their...

    Stellar (XLM) Price Analysis (February 26)

    Key Highlights XLM/USD price worth has been relatively declining in sequential order. The XLM/USD pair has hit a low value of $0.06000. Caution needs...

    21Shares' Short Bitcoin ETP (SBTC) Listed on German Stock Exchange, Boerse Stuttgart

    On February 25, Boerse Stuttgart, the second-largest stock exchange in Germany, announced it had begun listing exchange-traded products (ETP) that are inversed with the...

    Bitcoin (BTC) Price Analysis (February 26)

    Key Highlights BTC/USD market has fallen under selling pressure after a line of range movements. One of the vital bearish restraining points at $9,000...

    Malta Financial Services Authority Addresses The Challenges With Security Token Offerings

    On Tuesday, Malta's Financial Services Authority (MFSA) published a document providing answers to questions relating to security token offerings (STOs) in the country. The watchdog...

    BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.