• X
  • Listen in to our latest podcast!

    November 15, 2017

    New report shows intensification of North Korean assaults on cryptocurrency users, services

    north korea cryptocurrency hackers

    The Korea Internet & Security Agency (KISA) has advised that North Korea has intensified its hacking attacks on cryptocurrency users and services by as much as 370% over the past year.

    As Bitcoin and other leading cryptocurrencies attract worldwide interest from investors and nations alike, its worthwhile to presume malware attacks aimed at such users might become more commonplace in the future – and now the Korean Internet & Security Agency (KISA) has warned that North Korea has rapidly intensified its assaults on digital currency companies operating in South Korea.

    KISA’s newest report indicates a massive 370% year-on-year malware hacking attacks from 2016 up to November of 2017, and illustrates that North Korea has remained consistent in its efforts to disrupt the operations of cryptocurrency users and firms operating within its southern counterpart.

    Read: President Vladimir Putin confirms Russia will regulate ICOs, cryptocurrency mining by July 2018

    The report shows that between January and September of 2017 alone, over 5,366 ransomware attacks targeting cryptocurrency-related entities have occurred. Between the months of July and August, KISA uncovered malicious software housed within the desktop systems of many South Korean Bitcoin exchanges.

    KISA has advised that it fully expects attacks on both Bitcoin service providers and cryptocurrency investors to continue in the near future unless the agency can form a strategic reaction plan.

    North Korean hacker groups have launched a multitude of offenses against South Korean-based entities in the recent past, which have specifically targeted vital financial infrastructure.

    Targeting cryptocurrency-related operations – specifically those involving Bitcoin – provide the rogue nation with a form of lifeline considering the heavy imposition of international sanctions and mounting tension between itself, the United States, and China.

    Read: The International Monetary Fund may develop its own cryptocurrency

    What are your thoughts? Be sure to let us know your opinion in the comments below!

    Follow Bryan Smith on Twitter: @bryansmithSA 

    Listen in to our latest podcast!