North Korean hackers can be related to YouBit hack

North Korean regime is trying to reduce losses from economic sanctions by stealing the cryptocurrency
21 December 2017   271

South Korean investigators are considering North Korea's possible involvement in hacking the Youbit crypto exchange. According to sources close to the investigation, there are serious indications and concrete evidence of this fact, writes The Wall Street Journal.

Now the regime of Kim Jong-un is going through hard times with funding because of tightening economic sanctions. One way to replenish the treasury is hacking of vulnerable crypto currency. 
 

Investigators

Earlier, a number of experts said that against the background of the global crypto currency "mania" the North Korean regime intends to establish control over a significant number of existing bitcoins through the use of virus-extortionists, thefts and mining.

On December 19, the South Korean crypto exchange Youbit announced the closure and commencement of the bankruptcy procedure after the second time in the last year it was a victim of hackers. Unknown attackers stole about 17% of the assets of the site.

2k Confiscated BTC Created Issue for Finland Authorities

Authorities of Finland had faced bureaucratic problems while trying to handle seized crypto coins
20 February 2018   6

Finland is trying to solve confiscated Bitcoin storing issue. This is reported by Bloomberg.

The crux of the problem is that authorities handling the coins won’t be able to store them on virtual currency exchanges due to bureaucratic problems. They have to store them offline. This is said in the documents, seen by the Bloomberg.

Most of the coins have been confiscated in raids conducted since 2016. There is no info how the coins were stored until now.

The official guidelines states that Finland authorities can’t treat Bitcoin or its crypto competitors like a currency. It’s an asset that, as a rule, can’t be used or accepted as a means of payment or as an investment, according to the Treasury document.

Cryptocurrencies seized by the Finnish state can be converted into euros after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges, which can be untrustworthy and opaque, the Treasury said.

Finnish state can convert seized crypto to euros only after a court ruling on their appropriation has become binding. The sales should primarily take place via public auctions rather than commercial exchanges the Treasury said.