North Korea is famous for covert operations in their struggle to defy the West and acquire nuclear weapons.
For years they have engaged in a literal David versus Goliath struggle against the United States and Europe. Now two experts reveal insider information showing how the North Koreans still manage to fund their dictatorial nation state.
In fact the country is using cryptocurrencies like BTC and the altcoins to beat American/European sanctions that should have crushed their economy.
Pyongyang Trades Cryptocurrencies?
People thinking of backward and closed North Korea normally do not associate technology like cryptocurrencies with the pariah state.
Yet two financial experts beg to differ.
For instance, they claim not only does North Korea use digital assets, but it also trades them for profit.
The pair argued that North Korea even attempted to launch its own cryptocurrency. Today’s sanctions do not seem to be stopping them from marching boldly ahead with their technological-military goals.
Thanks to the lack of transparency surrounding the cryptocurrencies, criminals like the outlaw regime in North Korea succeed.
The way Lourdes Miranda and Ross Delston claim the North Koreans get around the rules is through clever subterfuge. The FBI states that it can track Bitcoin and the altcoins, but they may not be exactly the truth. Pyongyang relies on a network of international cryptocurrency exchanges. They shift and mix their digital assets and services around so that they become highly effective money launderers.
North Korea Government Directly Involved with the Crypto-conspiracy
These two financial experts state the government of Pyongyang is also tightly controlling this financing operation, which makes sense. Those the North Korean government hires gain sensitive information permitting them to easily establish cryptocurrency wallets. They receive the digital assets into their digital wallets.
In addition, they send the cryptocurrencies over to European wallets via local mining operators. Finally the clever perpetrators shift and mix around their digital assets. This allows them to outsmart the Know Your Customer and AML protocols of the exchanges.
It ends with North Korean-owned accounts buying BTC in Europe then transferring this over to ETH or LTC. The financial experts argue that no one can say with certainty how vast these North Korean cryptocurrency trading operations and payments actually are.
It looks like the Iranians and Venezuelans have a new role model for crypto-subterfuge.
Want the latest crypto news? Join our Telegram Channel