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Sanctions against North Korea won’t stop hacks

The Trump administration imposed new sanctions on North Korea last week, but one U.S. senator said these measures were unsuccessful, restraining the efforts of the reclusive country to steal cryptocurrency.

02.Mar.18 4:16 AM
By Daria Zaytseva


Sanctions against North Korea won’t stop hacks

The sanctions were promulgated on February 23, focusing on the North Korean shipping and the marine trading industries. The goal is to disrupt the country's ability to conduct energy-related imports and exports.

However, Senator Ed Markey of Massachusetts took the administration's task on the same day, arguing that the sanctions are insufficient for a number of reasons. Among them, he said, the lack of elements related to cybercrime, in particular, refers to the steps taken by North Korea to break exchange services and steal bitcoin and other cryptocurrencies.

Allegations that North Korea has switched to the infiltration of exchanges of cryptocurrency refer to the past summer, coming in the wake of intrusions against a series of South Korea-based platforms. South Korean law enforcement officials eventually came out publicly with their accusations.

According to reports received last month, government officials believe that North Korean actors have stolen tens of millions of dollars worth of cryptocurrency.

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