North Korea to Hold International Blockchain Conference in October, Report Claims

  • A new report suggests North Korea is set to hold an international blockchain conference in October.
  • Per experts cited in the report, the recluse nation is organizing it to "show off" technological capabilities.

A recently published report suggests North Korea is set to hold a blockchain-related conference in the beginning of October, in a move that experts believe is being made to “show off” technological capabilities.

According to the Stratis Times, citing a report from US-based media outlet Radio Free Asia, the hermit country is set to invite experts in blockchain technology and cryptocurrencies from all over the world to attend the event, which will reportedly last two days and begin on October 1.

The conference’s attendees, per the report, will meet North Korean business officials on October 3. Notably, this would require changes in international policies as Kim Jong-un’s regime has an underdeveloped tourism industry, as visiting the country is somewhat restricted.

Countries like the US have banned their citizens from visiting the country over security issues and international sanctions that’ve recently hit the recluse nation. According to security experts the news outlet cited, the conference is being organized to “show off its capabilities regarding such technologies.”

North Korea, as CryptoGlobe covered, is often seen as a bad actor in the cryptocurrency space, as some analysts believe Kim Jong-un employs hackers to steal bitcoin from other nations to fund the regime.

Earlier this year South Korea accused the country of stealing over $530 million from its cryptocurrency exchanges in a series of attacks. At the time, North Korea was blamed for hacking the popular Bithumb exchange, a little-known local exchange called Coinus, and more.

Kim Byung-kee, a South Korean parliament member, noted the regime’s hackers were hitting South Korea cryptocurrency exchanges with phishing campaigns to gain access. He said:

North Korea sent emails that could hack into cryptocurrency exchanges and their customers’ private information and stole (cryptocurrency) worth billions of won.

In March, former NSA officer Priscilla Moriuchi claimed North Korean hackers could’ve netted the regime over $200 million worth of cryptocurrency last year, in an effort to dilute the impact of international sanctions imposed on the country over its nuclear and missiles program.

Per Moriuchi, the hackers could have been able to steal an estimated 11,000 BTC at press time worth about $74.2 million, through a “cyber army.”