Skip to Content
Blockchain

South Korea says North Korea won’t stop hacking its cryptocurrency exchanges

February 5, 2018

North Korea seems to have a new strategy to overcome international economic sanctions and raise millions of dollars: steal hard-to-trace cryptocurrency.

The news: State-sponsored hackers from North Korea pilfered cryptocurrency from South Korean exchanges last year worth “billions of won,” according to a member of South Korea’s parliament. That’s more than a million dollars, at the least. And the attacks haven’t stopped, either.

Previous form: Last September, cybersecurity firm FireEye said North Korean attackers had targeted at least three South Korean exchanges in 2017. Some investigators suspect North Korea was also behind a December heist that caused the Seoul-based exchange Youbit to collapse.

What’s next: National security issues will figure heavily in debates over cryptocurrency regulations. South Korea’s finance minister has assured investors that the government isn’t planning to ban cryptocurrency trading, but officials are still broadly contemplating a clampdown on the market. Oh, and you can expect other governments to follow in North Korea’s footsteps by using cryptocurrency to evade sanctions.

Subscribe to Chain Letter, our twice-weekly newsletter focused on cryptocurrencies and blockchains. It’s free!

Keep Reading

Most Popular

Geoffrey Hinton tells us why he’s now scared of the tech he helped build

“I have suddenly switched my views on whether these things are going to be more intelligent than us.”

ChatGPT is going to change education, not destroy it

The narrative around cheating students doesn’t tell the whole story. Meet the teachers who think generative AI could actually make learning better.

Meet the people who use Notion to plan their whole lives

The workplace tool’s appeal extends far beyond organizing work projects. Many users find it’s just as useful for managing their free time.

Learning to code isn’t enough

Historically, learn-to-code efforts have provided opportunities for the few, but new efforts are aiming to be inclusive.

Stay connected

Illustration by Rose Wong

Get the latest updates from
MIT Technology Review

Discover special offers, top stories, upcoming events, and more.

Thank you for submitting your email!

Explore more newsletters

It looks like something went wrong.

We’re having trouble saving your preferences. Try refreshing this page and updating them one more time. If you continue to get this message, reach out to us at customer-service@technologyreview.com with a list of newsletters you’d like to receive.