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Author: Admin | 2025-04-28
North Korea and CryptocurrencyNorth Korea Cryptocurrency LawsRegulation of Digital Currencies: Cryptocurrency, Bitcoins, Blockchain TechnologyNorth Korea regulations or legislation enactment specifically regulating cryptocurrency is unknown. Therefore, the legal status of cryptocurrency in North Korea is controversial. Cointobuy’s analysis tool has ranked Myanmar in the position 201 out of 249 countries in terms of cryptocurrency safety, also the crypto-related action in this country has a 1.6/10 safety rank. [1]Digital Currency – BlockchainsOne of the North Korea’s strategies to evade economic sanctions include cryptocurrency activity. Also, the country is frequently associated with a polemic topic in the international community – the theft of digital currencies. [2]The Country has been involved in cybercrime for many years, but the hacking of cryptocurrency exchanges is a new category. For example, In 2017 an exchange called “Bithumb” was hacked for around $7million worth of cryptocurrency. In the same year, North Korea was blamed for the hacking of the exchange “YouBit”, which later went bankrupt from losing 17% of its assets. Also, North Korea conducted the WannaCry Bitcoin ransomware attack, earning at least $120,000 worth of Bitcoin in exchange for unlocking victims’ systems. North Korea is a primary suspect in the heist of a coin called NEM from the crypto exchange Coincheck located in Japan. On January 26, 2018, hackers stole $526 million worth of NEM which has since been traced back to North Korea. One international cybersecurity company, Group-IB, published that five cryptocurrency exchange attacks are linked to Lazarus, a North Korean state-sponsored hacking group. [2]According to
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