The unconfirmed suspicions of the ongoing development of the new Monero cryptocurrency in North Korea, have been going around for some time. With the increased cryptocurrency value globally, there is an increase in the number of interested parties in the industry. The use of electronic mining is the only known way of introducing the valuable coins into the market.
The whole process includes a wide range of computer activities in generating the unique numbers used by miners in the new coins. However, with the limited internet access in North Korea, most of these events are run outside the country. The constant rise in the value of bitcoins calls for more creativity among miners as they compete to come up with finite coins.
A report released by Alienvault, the renowned cybersecurity development expert organization on the Christmas Eve of 2017, indicate the detection of the cryptocurrency malware in its laboratories. The malware was linked to the characteristics of the Monero installer and was at the time sending instructions to Kim Il Sung University in Pyongyang, North Korea. The naming of the university is after the grandfather of North Korea president Kim Jong-un, and rumors indicate that the current leader and his father completed their studies in the institution.
The report comes at a time when the western countries, who have enjoyed cryptocurrency dominance for a long time feel threatened by the rising stiff competition. Monera is the suspected cryptocurrency that has been leading conversations in the mainstream media for a while now; various media houses released reports painting Monera as the market spoiler for bitcoin while labeling its innovators as runaways planning to take over the bitcoin market. Whether that is true or not is yet to be confirmed as a statement released by the Monera community seeks to contradict the claims insisting on the safety of the currency for all private transactions.
The tracing of the hacking to a university could as well indicate the hand of students in compromising the operations on the cryptocurrency. For as much malware are common in every part of the world, the codes used stated a smart move to confuse computer users.The brains behind the malware seem are much aware of what they want as they hid specific files to suggest that the software is real.
The deteriorating relationship between North Korea and the Western nations attributes to the massive cyber-attacks performed by Korean on countries to the west. With the recent reports, it seems the relationship between said nations will not get better anytime soon. Northern Korea has in the past months been on the limelight for the wrong reasons, recently, one of its universities; The Pyongyang University of Science and Technology seemed to embrace the innovations of cryptocurrency by hosting global experts in an intensive lecture concerning the heated cryptocurrency subject.
Spectators indicate that the discovery of the Monero malware is a way used by North Korea enemies to gain public approval into passing unfriendly restrictive regulations against the country. However, experts were quick to warn of the possibility of a diversion plan by cunning masterminds to cause more rivalry between northern Korea and the western nations.The incident comes weeks after the “WannaCry ransomware” attack, denying access to bitcoin files and was linked to North Korea. The Northen Korea government however,continues to deny on its involvement in cybercrimes.