Home Crypto Currency Market North Korea Could Cause Problems for Crypto Sector of Southeast Asia

North Korea Could Cause Problems for Crypto Sector of Southeast Asia

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One of the biggest threats to global cyber security is North Korea. The reclusive country has been very heavily sanctioned for developing and testing nuclear weapons. As a result of these sanctions, the North Korean government has resorted to various tactics in order to raise money. One of the methods the country might decide to try in the future involves exploiting the cryptocurrency sector of Southeast Asia. Experts in cryptocurrency have warned in the past that Southeast Asia is vulnerable at the present time. Therefore, it would be a perfect time for North Korea to strike.

North Korea has already used various hacking methods and other forms of cyber crime to get money in an attempt to circumvent the sanctions that are crippling the country. The sanctions are clearly weighing heavily on the mind of North Korean dictator Kim Jong Un. A summit with United States President Donald Trump ended prematurely because North Korea insisted that all sanctions be lifted. President Trump decided to walk away when he determined that no progress could be made. Despite being a very poor country, the North Korea government possesses cyber skills that should not be underestimated. They have already been accused of hijacking multiple South Korean cryptocurrency exchanges. Experts also believe that North Korea was behind the infamous WannaCry ransomware attack in 2017 that impacted many countries around the world.

One of the main reasons why people are concerned about North Korea possibly exploiting the cryptocurrency sector in Southeast Asia is the fact that it is still relatively new. It is growing at a very fast rate and currently has no coordinated regulation. This makes it potentially ripe for an attack by a government like North Korea that is in need of cash. Therefore, steps are being taken to prevent North Korea from being successful if they do attempt some cyber shenanigans.

One of the things that makes some of the Southeast Asian countries vulnerable where cryptocurrencies are concerned is their lack of training. They do not know the most effective ways to prevent money laundering and the financing of various terrorist organizations. This is why certain countries in the region such as Thailand, the Philippines and Malaysia are doing their best to train law enforcement personnel to know what to look for. North Korea is relying on the ignorance of Southeast Asian countries to commit their cyber crimes. This countries need to take the appropriate actions.

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