North Korea Uses Cryptocurrency to Evade Sanctions North Korea Uses Cryptocurrency to Evade Sanctions

The United Nations Security Council reported that North Korea, with the help of tokens, manages to circumvent the ban on trade operations, which has affected both the export of coal and flow of funds.

Such activity is conducted due to the basic advantages of cryptocurrency as tokens allow you to evade sanctions. It is difficult to track transactions, considering that blockchain technologies are actively used within the entire country.

Thus, hacking popular crypto exchanges is also turned out to be a North Korean trace. According to the cybersecurity experts of Group-IB, losses amounted to $571 million due to the activity of the Lazarus hacker group.

ATBCoin Team’s Opinion

Sadly, the cryptocurrencies are often used for dishonest play and criminal activity. However, we must not forget the fact that for many countries subjected to sanctions, tokens have become the only means of payment to maintain the stability of the economy.

Venezuela, which was not afraid to release its own cryptocurrency and made a good deal of it, can serve as an example. Therefore, the active implementation of cryptocurrencies is only part of the natural survival cycle.