North Korea's cyber capabilities and financial networks pose a threat to Southeast Asia's growing, yet vulnerable, cryptocurrency sector, according to British defense and security think tank Royal United Services Institute.
div > div.group > p:first-child"> North Korea has been heavily sanctioned for years by the United Nations, the United States and other countries over its nuclear and missile ambitions. The reclusive state has also been accused of using cyberattacks to gain financial resources needed to keep its nuclear programs going.
"North Korea has gone to extremes to raise funds and evade international sanctions, recently expanding these efforts to include the exploitation of cryptocurrencies such as Bitcoin," David Carlisle, a former official at the U.S. Treasury department's office of terrorism and financial intelligence, and Kayla Izenman, a financial crime and terrorist finance expert, wrote in the report.
CNBC could not reach North Korea's foreign ministry for comment on Monday but the country has in the past vehemently denied allegations of cybercrime. "North Korean networks have engaged in fundraising and have evaded trade and financial restrictions through the use of front companies, agents and deceptive financial techniques at banks across the region," they wrote.
"North Korea could cash out its cryptocurrency profits by relying on its extensive overseas financial networks to open and operate accounts at cryptocurrency exchanges in the region," they said.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Amid stalled North Korea nuclear talks, Trump welcomes South Korea president after Hanoi summit collapseAmid stalled North Korea nuclear talks, Pres. Trump welcomes South Korean Pres. Moon Jae-in after Hanoi summit collapse.
Read more »
The high-stakes meeting Trump hopes will help end the North Korea stalematePresident Donald Trump will sit down with his South Korean counterpart Moon Jae-in at the White House on Thursday to discuss how to revive the diplomatic process between the US and North Korea
Read more »
Kim Jong Un is skirting sanctions and pursuing this energy strategy to keep North Korea afloatUN sanctions are crushing North Korea's economy, which needs energy supplies. In crisis, Kim Jong Un is trying to develop alternative energy to keep his factories running.
Read more »
Kim Jong Un vows North Korea will withstand sanctions pressure, prove its self-relianceKim said his country should deliver a “telling blow” to the hostile forces imposing sanctions.
Read more »
Kim Jong Un vows North Korea will withstand sanctions pressure, prove self-relianceKim said his country should deliver a “telling blow” to the hostile forces imposing sanctions.
Read more »
Trump floats idea of third North Korea summitBefore his meeting with the South Korean President Moon Jae-in in Washington, US President Donald Trump says he is considering a potential third nuclear summit with North Korea's leader.
Read more »
Trump says sanctions on North Korea are at a 'fair level'In an Oval Office meeting with South Korea's Moon Jae-in, President Trump said he wants sanctions on North Korea to remain in place, but doesn't want to increase them. 'I think the sanctions right now are at a level that's a fair level,' Trump said.
Read more »
Trump floats idea of third North Korea summitUS President Donald Trump said Thursday he is considering a potential third nuclear summit with North Korea's leader. 'We will be discussing that and potential meetings, further meetings with North Korea and Kim Jong Un,' Trump said in the Oval Office at the start of talks with South Korean
Read more »
North Korea names new nominal head of state: KCNANorth Korea named a new nominal head of state, state media said on Friday, at a ...
Read more »