North Korea to Host its First-Ever International Crypto Conference: Report

Advertisement

Sanctions-hit North Korea is planning to host its first-ever international conference focusing on cryptocurrencies and blockchain technology in October.

According to Radio Free Asia, the event will be held in the hermit kingdom’s capital of Pyongyang and will stretch for two days beginning October 1.

Per various reports, the conference is expected to attract blockchain and cryptocurrency experts from all over the world. No information was provided on how this is expected to be pulled off given that the country has an underdeveloped conference tourism industry and the fact that some countries such as the United States have banned their citizens from traveling to North Korea except in special circumstances.

The event is scheduled to conclude with a meet-and-greet with the business leaders of North Korea. Sources told Radio Free Asia that the goal behind hosting the conference was to demonstrate the technological capabilities of the Asian country.

Creative Solutions

This comes at a time when a report compiled by Korea Development Bank, a state-run financial institution in South Korea, has claimed that evidence had emerged of a small-scale cryptocurrency mining operation being run by the North Korean regime last year between May and July. However, according to Yonhap News Agency, the initiative is said to have failed though the reasons were not provided.

The Korea Development Bank report seems to confirm conclusions drawn earlier that the hermit kingdom could be eyeing cryptocurrencies as a way of evading sanctions imposed on the country or as a way of financing the regime of King Jong-un, the country’s ruler.

Going Rogue

In February this year, CCN reported that South Korean intelligence officials had told the country’s parliament that North Korean state-sponsored hackers had stolen billions of won in cryptocurrency last year by hacking exchanges. During a briefing a member of the country’s parliamentary intelligence committee, Kim Byung-kee, alluded to the fact that the hackers obtained the private information of cryptocurrency exchanges as well as the private information of their clients through phishing.

“North Korea sent emails that could hack into cryptocurrency exchanges and their customers’ private information and stole (cryptocurrency) worth billions of won,” Byung-kee disclosed at the time.

Known Bad Actor

This was not entirely a new development. In September last year, for instance, cybersecurity company FireEye had warned that state-sponsored hackers from North Korea had targeted cryptocurrency exchanges in South Korea with a view of stealing bitcoin as well as other digital assets. As CCN reported then, these efforts were aimed at evading sanctions as well as obtaining funds meant to sponsor the regime. And just as the intelligence agency of South Korea had pointed out, the FireEye report indicated that the attacks on the exchanges had been preceded by spear-phishing campaigns.

Featured image from Shutterstock.

Follow us on Telegram or subscribe to our newsletter here.

Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement

Comments

comments

Filed in: Bitcoin Financial News Tags: 

You might like:

Bitcoin Hasn’t Funded any Terror Attacks in Europe, Europol Report Reveals Bitcoin Hasn’t Funded any Terror Attacks in Europe, Europol Report Reveals
Bitcoin Price Intraday Analysis: BTC/USD Stabilizes in $6200-$6400 Zone Bitcoin Price Intraday Analysis: BTC/USD Stabilizes in $6200-$6400 Zone
Top Ten US Bank Joins Ripple Blockchain RippleNet for Cross-Border Payments Top Ten US Bank Joins Ripple Blockchain RippleNet for Cross-Border Payments
Ethereum-Based Brave Already Considered as Viable Alternative to Chrome Ethereum-Based Brave Already Considered as Viable Alternative to Chrome
Newsflash: Japanese Cryptocurrency Exchange Zaif Hacked, $59 Million in Losses Newsflash: Japanese Cryptocurrency Exchange Zaif Hacked, $59 Million in Losses
‘More Ridiculous than Bitcoin’: Pot Stocks Go Parabolic as Crypto Markets Cool ‘More Ridiculous than Bitcoin’: Pot Stocks Go Parabolic as Crypto Markets Cool
NY Crypto Exchange Report Bearish for Bitcoin ETF Plans NY Crypto Exchange Report Bearish for Bitcoin ETF Plans
This Third-Party DApp Lets You Tokenize Your CryptoKitties This Third-Party DApp Lets You Tokenize Your CryptoKitties
© 1469 Virtual Mining Bitcoin News. All rights reserved. XHTML / CSS Valid.