North Korea To Hold Its First International Conference On Cryptocurrencies

North Korea To Hold Its First International Conference On Cryptocurrencies

North Korea is gearing up to hold an international conference aimed towards discussing the Blockchain technology and Cryptocurrency. The conference that is to be held in October will be the first for the nation.

Purpose Of The International Conference

The event is said to be taking place from the 1st of October, lasting for a period of two days, in the capital city Pyongyang.

According to various sources, the event will be attended by the who’s who of the crypto sector from across the globe. However, exactly how this will be possible is still unknown considering that the country is not very developed when it comes to conference facilities, also coupled by the fact that the United States of America has placed a ban on its citizens against visiting the country unless under special circumstances.

Sources have it that the main aim of the conference is to show what technological capabilities the nation has and that the event will be concluding with the nation’s business leaders having a meet-and-greet.

The Korean Development Bank Report

The Korean Development Bank Report

This comes in the wake of a report put forth by the Korean Development Bank claiming that North Korea had been undertaking crypto mining activities. The state-run South Korean financial institution allegedly had evidence showing that North Korea was trying out crypto mining in the period of May and July, an endeavor that did not succeed, though reasons behind the failure of the initiative have not been disclosed.

The financial institution’s report seems to give merit to previous claims that North Korea might be looking towards Cryptocurrencies to not only finance the nation’s regime. It has also been claimed that through Cryptocurrencies, the nation is looking to escape the numerous sanctions imposed on it.

Crypto Exchange Hacking Claims Against North Korea

Earlier this year intelligence officials in South Korea informed their parliament that hackers who were sponsored by the regime in North Korea were responsible for the hacks exchanges were experiencing last year that led to billions of won being stolen and lost in the hacking attacks. Kim Byung-kee, a member of South Korea’s committee on intelligence, made it known the hackers involved in the attacks had gained access to the crypto exchanges private information and those of their clients through phishing.

He said that the exchanges received emails from North Korea which they then used to gain access to the exchanges’ information, as well as their clients’, and steal billions worth of Cryptocurrencies.

This news has not come as a surprise to many considering that there were reports that something like this would happen. FireEye, a cybersecurity firm, last year September made statements alluding to North Korea sponsoring hackers to attack South Korean crypto exchanges with the aim of stealing Bitcoin alongside other crypto assets. At the time it was claimed that North Korea was making these efforts in a bid to support the regime and evade sanctions placed against it. And similarly to what the financial institution’s report stated, the FireEye report showed that a string of phishing campaigns was used in the hacking.

August 28, 2018

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Samantha Mitchell

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