North Korea, a superpower country, has increased the mining operations of the cryptocurrencies-especially Monero. The report by Recorded Future unveils the fact that North Korea is officially expanding the mining processes to aid in the military power of the country.
North Korea was mining bitcoin as well as Monero equally but now, they are turning to Monero. According to the report, the mining of XMR cryptocurrency has been increased tenfold since the last year- May 2019.
Per the report:
‘’We have observed an at least tenfold increase in Monero mining activity from North Korean IP ranges since May 2019. We believe that Monero’s anonymity and lower processing power requirements likely make Monero more attractive than Bitcoin to North Korean users.’’
Why they have increased the mining of XMR coin? Because Monero is known as privacy coin: the information of the transaction is not visible to the public. Due to hidden transactional data, it is impossible to trace the flow of cryptocurrency: the sender, as well as receiver, is unknown. But the case is opposite for other coins such as bitcoin. One can trace the full data of the bitcoin transactions.
Recorded Future is an American company that reports about the cybercrimes. The recent company’s report exposes the agenda behind the mining of cryptocurrencies on the part of North Korea and how they are hacking money. Recently, the United Nations surveyed that the wings attached to the government of North Korea have stolen nearly $2 billion via theft attacks on crypto exchanges as well as financial institutions.
The recently published report by Chainalysis reveals that the hacker group behind the theft attack on DragonEx was the Lazarus group. The infamous group, Lazarus, is linked up with the government of North Korea.
The stealing of assets from financial institutions and now, providing a favorable environment for the crypto mining lay bare the fact, per the Recorded Future report, that they are going to invest this money on expanding the nuclear power of the state.
‘’We assess that cryptocurrencies are a valuable tool for North Korea as an independent, loosely regulated source of revenue generation, but also as a means for moving and using illicitly obtained funds,’’ the report reads.