US Firm Claims Cryptocurrency is Being Sent to North Korea

AlienVault, a U.S. cybersecurity firm, has said that it discovered a malware — software used to undermine the normal function of a computer or other electronic device — that installs a code capable of mining a cryptocurrency known as monero and sends it to a server based at Kim II Sung University in Pyongyang, North Korea. 

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To do this, the malware installs a mining application onto the device and reroutes the moneros.

Tech specialists claim that the server the application runs on doesn't seem to be connected to the wider web, according to the South China Morning Post. This could mean its inclusion in a computer or electronic device could be used to trick observers into making a North Korean connection, Reuters reported.

However, such a device could be used by the Asian country to infuse its economy with cash, circumventing sanctions imposed on the country by the United States and United Nations.

Researchers at AlienVault noted in a blog post that “Cryptocurrencies could provide a financial lifeline to a country hit hard by sanctions. Therefore, it’s not surprising that universities in North Korea have shown a clear interest in cryptocurrencies.”

They went on to note that “recently, the Pyongyang University of Science and Technology invited foreign experts to lecture on cryptocurrencies. The installer we’ve analyzed may be the most recent product of their endeavors.”

However, AlienVault also said that their researchers had not identified anything linking the latest monero mining scheme to any North Korean group in particular.

The Monero is currently the 13th most valuable digital currency and has been hailed as being even more anonymous than Bitcoin.

Another instance of a country resorting to cryptocurrency to help mitigate obstacles occasioned by U.S. sanctions is Venezuela, which recently launched its own digital currency known as the Petro.