HomeCryptoNorth Korean exchange to manage small-scale crypto trading

North Korean exchange to manage small-scale crypto trading

After North Korea’s opening to the outside world, which led to the historic handshake between the presidents of the two Koreas and the meeting between Donald Trump and the dictator Kim Jong-un, now Pyongyang would be considering creating its own cryptocurrency and a North Korean exchange.

On 27th of Agusut Yonhap reported on the nation’s attempts led by Kim Jong-un to manage some small-scale trading through the creation of a local exchange by Chosun Expo, a tech company.

North Korea has a great deal of knowledge in the blockchain sector, a technology that until now was studied for military purposes.

An exception was made during the meeting between Moon Jae-in, President of South Korea, and Kim Jong-un: the two leaders signed a peace treaty during the summit held in Panmunjom on 27 April 2018, during which the text of the agreement was uploaded on the Ethereum blockchain with an irreversible smart contract.

A unique case in history where an official treatise is placed on a blockchain.

The hacker issue

This would prove that Pyongyang could have in store more than one surprise for the rest of the world.

And Washington knows something about it. According to the conclusions of the American Intelligence, in fact, North Korea was behind the hacker attack called Wannacry which, on 12th May 2017, infected thousands of computers all over the world (estimated 230 thousand PCs in more than 150 countries), blocking the activities of banks and hospitals as well.

But the terrorist activity of the nation is even more recent: the Global Research and Analysis Team (GReAT) of Kaspersky in fact, recently published the news that some North Korean malware attributable to the so-called Lazarus group (hackers held responsible for several devastating attacks in more than 18 countries) are targeting computers with the MacOs operating system.

Not only that, a news goes back to just over a year ago about new malware (Peachpit and Hangman, already used in some attacks on banking systems registered in 2016) that started from North Korea, targetting accounts of managers of some important cryptocurrency exchanges.

Rossana Prezioso
Rossana Prezioso
Passionate about the new frontiers of online publishing, she decided to further deepen her knowledge by dedicating herself to the study of cultural and economic changes derived from the emergence of hi-tech finance, developing the themes concerning new business models related to it and the geopolitical influences of the new cryptocurrency economy.