Seoul on guard against N. Korea's cyber attacks on cryptocurrency exchanges: official

By Lim Chang-won Posted : December 18, 2017, 13:23 Updated : December 18, 2017, 13:23

[Yonhap News Photo]


South Korea is working on steps to stop North Korea's cyber attack on digital currency exchanges saying the cash-strapped country has been involved "various" activities to secure foreign currencies due to tight international sanctions, the unification ministry said.

In South Korea, concerns are growing over cryptocurrency users being targeted by hackers and swindlers. Security experts believe North Korean hackers are suspected of stealing and collecting bitcoins because it is hard to track them down.

"North Korea is believed to have done various activities to avoid sanctions and earn foreign currency," Unification Ministry spokesman Baik Tae-hyun told a press briefing on Monday.

"We are trying to preclude an attempt by North Korean hackers through information sharing with related institutions," he said, adding Seoul has tried to work out measures against North Korean cyber attacks on cryptocurrency transactions.

Cyber experts in Seoul insist the North has been desperate to secure foreign currencies in every way possible due to tight sanctions imposed by the international community to punish Pyongyang's nuclear and missile programs.

In September, South Korea's police cybercrime team said North Korean hackers were found to have launched a failed cyber attack on digital currency exchanges in July to steal bitcoins.

Despite Pyongyang's repeated denials of its involvement in any cyber attacks, experts believe North Korean hackers are suspected of having developed and tested various ransomware demanding bitcoins.

Seoul has blamed North Korean hackers for deploying malware and virus-carry emails for a series of cyber attacks on military institutions, banks, government agencies, TV broadcasters and media websites in recent years. Defense ministry data showed Pyongyang runs an elite cyber warfare unit with up to 6,000 personnel. 

 
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