North Korea Government Apparently Endorsing Bitcoin Hacking

Is a government endorsing hacking Bitcoin to support itself?

We all generally feel at one point or another, that in some form the government is screwing us over. I particularly feel this way when it comes to paying taxes, but I at least grudgingly accept that the country, generally speaking, puts that money to (mostly) a good use.

It seems, however, that North Korea might be adopting disturbing policies in order to support itself in the face of tightening EU sanctions. This even apparently including the state sponsorship of Bitcoin hacking.

There are semi-regular reports of Bitcoin (other crypto-currencies are available) exchanges being hacked. Here is a link to one of the more recent high-profile instances. When this is done, there is often speculation about the source of these attacks.

Although it can often be difficult to pinpoint the sources, the most common accusations are thrown towards the Asian continent. Matters have, however, taken a far more sinister tone.

A report, via SkyNews, has suggested that North Korea may be the source of a number of recent high-profile Bitcoin hacking attacks. Worse still, they may have government backing.

Why would a government endorse the theft of Bitcoins?

North Korea is a worrying matter for most at the moment. Let’s be honest here, Kim Jong Un is a bit nutty and seems intent on, at the very least, provoking other nations.

Recent rather heavy UN sanctions and general trade embargoes have been implemented by a means of attempting to curb North Koreas rather aggressive stance. Particularly in regards to recent missile launches and even an unconfirmed nuclear bomb test.

The government in North Korea, therefore, might be feeling the pinch. Now, why Bitcoins? Well, if you’re asking that, you obviously don’t pay enough attention to our articles. It feels that at least once a month we’re writing about how the Bitcoin has broken a new record value compared to the Dollar.

To save writing another one, just for your information, the Bitcoin current stands at $4,200 to the dollar.

Therefore, hacking or stealing Bitcoins represents a major and highly lucrative target to hackers. It is a little bit worrying if a government is endorsing this behavior. We all know how efficiently they can mine gold in World of Warcraft.

We can only hope that the crypto-currency sites keep on top of their security. Not an overly encouraging hope I must say. If they don’t, we might be seeing a Bitcoin funded missile flying towards us shortly.