Financial safety

North Korea exploiting bitcoin to fund nuclear program

Facing a swathe of new sanctions that have cut off its cash flow, the reclusive nation, North Korea is believed to be exploiting cryptocurrency bitcoin to support its nuclear weapons programme.

According to reports, North Korea has been struggling under economic uncertainty since the international community unleashed a series of new sanctions to clamp down fears of World War 3 after a series of ICBM tests.

In a new report, currency analysts have pointed out that North Korea could now be using cryptocurrency bitcoin to support its weapons development programme since cash flow to the country was cut off.

Earlier this week, Pyongyang was implicated in a possible bitcoin hack that led to the bankruptcy of South Korean currency exchange Youbit.

According to reports, South Korean law enforcement authorities had launched an investigation into the heist, even though it remained unclear how much bitcoin was stolen.

Cybersecurity expert Luke McNamara said in a statement that the unexpected bitcoin value increase has made the cryptocurrency a perfect target for the needy rogue state.