Because ransomware and playing a game of nuclear chicken aren't enough for Kim Jong-un, it now looks like North Korea is behind a recent bitcoin theft as the cryptocurrency's value continues to skyrocket.
On Tuesday, someone hacked South Korean bitcoin exchange Youbit, reported the Wall Street Journal, making off with around 17 percent of its assets and forcing the exchange to file for bankruptcy.
According to investigators, the most likely suspect is Kim and his crew just north of the 38th parallel. They're also considered the culprit during another bitcoin heist in South Korea earlier this year, and have been accused of several other bitcoin thefts.
North Korea has turned to bitcoin as a means to stave off a looming financial crisis thanks to the fact that global banks won't do business with Kim's regime. Cryptocurrency helps North Korea circumvent that rejection issue.
As for those earlier thefts, those stolen bitcoins are worth even more now: In April, one bitcoin was worth a little over $1,000; as of post time of this story, one bitcoin is worth over $15,000. That's a lot of decentralized cash for Kim.
Something else worth noting: the WannaCry cyber attack perpetrators demanded large bitcoin payments. It is widely believed that Lazarus, the group behind the attack, counts North Korean hackers among its members, and that WannaCry originated there.
Several months after the May 2017 attacks, three bitcoin wallets known to contain ransom paid to the WannaCry hackers were emptied. The total came to roughly 52 bitcoins, an amount that is currently worth around $800,000 as of Thursday afternoon.
Of course, if the Kim regime is behind it, they better have an escape plan. The higher bitcoin values get, the harder holders of the cryptocurrency will fall when that bubble bursts.
Additional reporting by Adam Rosenberg
Topics Bitcoin Cybersecurity
