North Korea Uses Bitcoin to Fund their Military

By ,

North Korea is starting to become a real problem. It still baffles me that the US and other nations are hoping that stern words will encourage the controlled state to settle down.

Not only is North Korea causing problems politically, they’ve also resorted to attacking bitcoin and other cryptocurrencies.

This year alone, security company, FireEye Inc. [NASDAQ:FEYE] has confirmed cyber-attacks on at least three South Korean exchanges.

cyber-attacks South Korean exchanges

Source: Bloomberg

As reported by Bloomberg this morning:

Hackers from Kim Jong Un’s regime are increasing their attacks on cryptocurrency exchanges in South Korea and related sites, according to a new report from security researcher FireEye Inc. They also breached an English-language bitcoin news website and collected bitcoin ransom payments from global victims of the malware WannaCry, according to the researcher.

Bitcoin Price and Popularity Appealing to North Korea

Kim’s interests in bitcoin are probably similar to most punters — its price and popularity has gone through the roof. But what Kim hopes to use bitcoin for is much more troublesome.

Because of its lack of control and secretiveness, bitcoin is a useful tool to accelerate North Korea’s military operations. And security experts say North Korea’s embrace of digital cash will only increase into the future.

What effect that may have on bitcoin prices long term, only time will tell.


Härje Ronngard,

Junior Analyst, Money Morning

PS: If you want to learn more about cryptocurrencies, check out Money Morning’s new report, ‘The Secret World of Bitcoin’.

About Money Morning Editorial

Money Morning is Australia’s most outspoken financial news service. Your Money Morning editorial team are not afraid to tell it like it is. From calling out politicians to taking on the housing industry, our aim is to cut through the hype and BS to help you make sense of the…

Don’t Trust the Mainstream When It Comes to Crypto

It never ceases to amaze me how the sceptics always take such victory laps in any downturn — despite being wrong on the best-performing asset of the last decade.

Bitcoin Is a Better Investment than Property, According to JPMorgan

In today’s Money Morning…history repeats itself…investing in the bigger picture…crypto isn’t going anywhere…and more…

My Number One Idea for 2022

In today’s Money Morning…demand for electric cars is still rising…automakers aren’t keeping up…we need more raw materials…and much more…

Crypto Crumbles — but Will the Crash Spread?

In today’s Money Morning…it’s a genuine bloodbath…don’t count on this being the end for crypto…bull markets can make you rich but bear markets create lasting wealth…and more…

Gradually, Then Suddenly — Are You Ready?

In today’s Money Morning…what a turnaround!…public opinion always wins out…politicians see the writing on the wall…and more…

Chances Are You’re Wrong about Bitcoin…

In today’s Money Morning…divided on bitcoin: is it a bubble or the future of money?…why should you bother understanding bitcoin?…and more…