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North Korea might target Southeast Asia’s crypto-sectors, suggests RUSI report

Biraajmaan Tamuly



North Korea might target the vulnerable crypto sectors around Southeast regions, according to Security and Defense report
Source: Pixabay

The Korean peninsula is rife with social and political differences ever since the Korean mainland was split between North and South Korea after the Korean War.

According to a report released by The Royal United Services Institute [RUSI], North Korea could target Southeast Asia’s vulnerable crypto-sector.

In the face of universal condemnation and sanctions over its domestic policies and nuclear program, North Korea has had to take extreme measures to raise funds and bypass these sanctions. One of the ways North Korea attempted to do so was through the use of cryptocurrencies and their underlying technology.

Cryptocurrencies have, as of now, played a negligible role in North Korea’s fundraising. However, UN Security Council’s Panel of Experts suggests that virtual assets offer North Korea “more ways to evade sanctions given that they are harder to trace”.

According to the report, countries across the Southeast are vulnerable to systematic risks as their regulatory approaches are weak, something North Korea can take advantage of. These systematic risks are based on the fact that Southeast Asia’s digital sector has a lack of coordinated regulations, the report stated.

The WannaCry ransomware attack, where hackers demanded about $300 in Bitcoin within 3 days or $600 within 7 days, was reliably attributed towards North Korea.

The attack indicated that North Korea’s capability to exploit weaknesses was more prominent than previously imagined. If North Korea continued to suffer under the strain of international sanctions, Southeast Asia must prepare for a “sustained security challenge”, the report said.

The report also cited the growing number of crypto-users in the region,

“Because Southeast Asia is also host to a growing number of cryptocurrency businesses and users, countries in the region could prove vulnerable to North Korea’s cryptocurrency-related activity as well.”

Countries in Southeast Asia must undertake risk assessments to identify key vulnerabilities and reduce its vulnerability to cyber-crimes related to cryptocurrency, the report said.

The report continued,

“If carried out with the appropriate urgency and in line with global standards, countries in the region can succeed in making themselves less vulnerable to the risks of North Korean cryptocurrency activity.”

However, the report also noted the fact that Malaysia, Philippines, and Thailand were working towards coordinated regulations for cryptocurrency exchanges, under the guidance of the intergovernmental Financial Action Task Force.

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Biraajmaan is an engineering graduate who is exploring the ever-changing crypto verse while traversing his passion for cryptocurrency news writing. He is a Chelsea fan and a part-time poet and does not hold any value in cryptocurrencies yet.

Bitcoin Cash

Bitcoin SV’s Craig Wright withdraws email evidence submitted to court as he could not verify date of email exchange





Bitcoin SV's Craig Wright withdraws email evidence submitted to court as he could not verify date of exchange
Source: Unsplash

Craig Wright, the self-proclaimed Satoshi Nakamoto, has been in the limelight for the past few days. Apart from the news surrounding a lawsuit over a defamation case, Wright also made headlines due to the news pertaining to the Dave Kleiman case.

Earlier this week, a Reddit user stated in a post that Wright “purposely” submitted a fake email as evidence to the court for the Kleiman -Wright lawsuit. The lawsuit alleges that Wright had stolen $1 million Bitcoin from Dave Kleiman after his death, and Wright was being sued for billions of dollars.

The Redditor had stated,

“Craig Wright’s fraud continues. Yesterday, he submitted into evidence an email he says was from Dave Kleiman to Uyen Nguyen asking her to be a director of his ‘bitcoin company’ in late 2012. It is provably fake. Craig didn’t realize that the email’s PGP signature includes a signing timestamp along with the ID of the key used as metadata.”

Source: Reddit

Source: Reddit

Apart from this, it was also pointed out that the spelling “Kleiman” was misspelled in the letter, as the from address spelled it “Klieman”. Now, according to a new court document, Wright has withdrawn this evidence by stating that he cannot verify the date of the email exchange.

The court letter said,

“Dr. Craig Wright respectfully notifies the Court that he withdraws Exhibit A to his Motion for Judgement on the Pleadings for Lack of Subject-Matter Jurisdiction […] Wright is not withdrawing the motion and maintains that this Court lacks subject-matter jurisdiction over this action”

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