“The world’s leading bank robbers”. That’s what US officials are calling North Korean hackers, who stole nearly $2 billion of cryptocurrency in 2022.
Despite being one of the most closed societies in the world, North Korea has unexpectedly found itself in the middle of a cryptocurrency revolution, mostly out of necessity.
The regime’s ongoing efforts to become a nuclear state – which it believes will prevent it from falling, has put the country under two decades of heavy UN sanctions. Natural disasters, food shortages, and the COVID-19 pandemic, have only made matters worse.
With its very survival at stake, the regime turned to cryptocurrency to evade sanctions, investing in a group of highly skilled hackers that would go on to steal from banks and crypto exchanges – a crucial source of income for a country that only had a GDP of $25 billion in 2022.
It was reported that North Korea had also drastically stepped up its crypto mining efforts, specifically in Monero. On top of that, cyber security experts found that North Korean hackers were sneaking malware into peoples’ computers with the aim to mine Monero and send it back to the country.
So the question is why Monero in particular and what makes it so attractive to criminal organisations like the North Korean regime?
#northkorea #monero #cryptoexplained
0:00 Why is North Korea obsessed with Monero?
1:15 How North Korea uses Monero to evade international sanctions
3:25 The mysterious people who developed Monero
4:40 How Monero works as a currency
5:50 Other privacy cryptocurrencies to consider
7:22 Should you invest in Monero?
I have just been recommended your channel, some superb content here fella! I'd be interested to hear more about the BTC mining incentives dropping once the allocation is complete, with that amount of nodes dropping off the BC surely they'll be open for 51% attacks (mind you it'll probably cost a fortune)
Excellent video. Now bullish on Monero going to infinity if BTC also goes to infinity
I'm afriad quantum computing may be an issue for monero in the future. I do love XMR though.
Thank you for this video!
Very cool!
The king in the shadows. Make crypto scary again. Monero
good stuff
SMASH THE SUB BUTTON!!
"Transactions in monero can take up to 30 minutes"
That is so wrong, you get a mempool confirmation after 10 seconds and the transaction is written into the next block which takes like 2~3 minutes. For trivial and small payments mempool confirmation is good enough so you will just have to wait a few seconds.
When hackers mine Monero using botnets it makes the Monero network much more secure. It makes it harder for government to attempt to 51% attack the project because they could be competing with hundreds of thousands of IoT devices mining a small amount of Monero with no adverse effects for the end consumer.
Damn I should make company which makes IoT devices & set it that while their doing nothing leave them mining Monero. It would be a great way to increase a company's profits & reduce the product cost for consumers.
The VAST majority of transactions in Monero are completely legal. Also Monero is traceable by its OPT IN. You can share your private view key allowing people to see incoming transactions but not actually spend your money.
Also it's the most eco-friendly & ESG compliant proof of work crypto out there, because you can't mine on an ASIC that means to massive power sucking mining farms or specialized hardware being made for mining which ultimately becomes e-waste. Monero is proof of work done in an environmental conscious way.
Love Monero love North Korea and free Assange…
Monero is the biggest revolution in human finance in all of human history.
Never before have we had an opportunity to have a currency that represents ALL people, completely decentralized, backed by mechanical energy work and entirely private.
It is also practically indestructible. As long as one fully updated wallet remains on the network, all transaction and balance's are secure.
This means no risk of central banking failures and country specific currencies.
It is literally just the monetization of energy. An energy credit if you will and energy is the most basic form of value in all the universe.
Pirate Chain .. in terms of non traceability and security from hackers there’s nothing even remotely close to ARRR
not only North Korea using #monero
the mafia will store their money in #monero
wait till the cbdc's coming's out
Not surprise! Monero is the future..
5:46 is FUD. The mining rewards go to zero in a 100 years from now
Why would Kim buy a Holden car ??? Yep must be crazy
I'm sorry but did you just say "due to bitcoins open source nature it's actually relatively easy to trace transactions…"?
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I love Monero
The govern-ment news headline at the start of the video is false and misleading, as usual for govern-ment. there's no proof. and the simplest answer is likely the correct one…. The companies' owners robbed themselves. In fact this has proven true in dozens (not hyperbole, actual multiples of 12) of court cases already, the founders, who had access and insider understanding of the holdings, they took the money and run ("rugged"). Also, the "malware on your computer sending monero to North Korea", was created by the USA CIA not Koreans, as exposed by the leaked files at that time….
Monero rimes with "mucho dinero", that is why. Next!
The True CryptoCURRENCY
ZEC is getting rekt and Dash has always been stable because the Masternodes don't want to seel their bag. As far as mining all of them are at the end of their ropes and new gen tokens are coing in to offer miners and investors another opertunity to get in early. Wownero, Dero and BEAM, Oxen and QRL are some of the most innovative 3 Generation crypocurrencies in the game. The 4 Gens like Secert and MASK Network are still strugguling to surplant them.
When Bitcoin transaction fee will go 0 everybody watching this video will either be dead or uploaded their brain to the cloud 😂
1:25 Correction: It's not due to BTC's open source nature, it's because of the blockchain transparency. Monero is open source too. You are using the wrong terms. maybe do more research?
Those nips look so stupid Some countries think they are tough Until they meet the United States
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Mumble jumble??
Manero was created by me aka Satoshi Nakamoto private secure Monero north Korea you will obey or you will loss everything