Tuesday, September 26, 2017

Could North Korea's active campaign to hack and steal Bitcoin lead to the cryptocurrency being criminalized by the U.S.?

Many politicians, as well as their lackeys in the mainstream media, have sought to vilify Bitcoin and other cryptocurrencies as being little more than a black market medium of exchange used by drug cartels and money launderers.  And unfortunately for advocates of the cryptocurrencies, the well publicized bust of the Silk Road website along with the recent Ransomware hacks provided easy fodder for the establishment in their agenda to try to scare off people from the digital currency.

And while these events have only partially deterred some from dipping their toes into cryptocurrencies, one growing concern could very well lead to the U.S. making a concerted crackdown on Bitcoin.

And that concern is North Korea.

North Korea’s cyber-brigades have hacked into South Korean bitcoin exchanges both to steal customer bitcoins and demand bitcoin ransom to cease the attacks. North Korea is building up a bitcoin stash to pay for weapons and food as the U.S. ramps up sanctions on conventional banking channels. 
This operation reflects the fact that using bitcoin on the dark web is a haven for criminals, arms dealers, tax evaders and state enemies of the U.S. How long will it be before the U.S. joins the effort to shut down, interdict and disrupt bitcoin message traffic on the dark web and the bitcoin exchanges themselves? – Daily Reckonging
North Korea, even more than either China or Russia, has become President Trump's main focus in foreign affairs, and the President and his administration have even gone so far as to threaten sanctions against anyone who does business with North Korea.  Thus if North Korea is attempting to use Bitcoin to skirt American and United Nations sanctions, then we should perhaps ask Saddam Hussein just how far Washington is willing to go to protect their foreign policy agendas.

It is not out of the realm of belief that should North Korea be intent on using Bitcoin as a means to evade economic sanctions that the U.S. would not even pause for one minute on categorizing the cryptocurrency as an illegal medium of exchange and subject its use to criminal penalties.  And while this will certainly not stop individuals and investors from trading Bitcoin, it will shine an unwanted light on it and the entire cryptocurrency sphere, and deter even more people who might have had an interest from daring to wade into these assets. 

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