South Korea has imposed sanctions on the North in relation to a number of cyberattacks often resulting in the theft of cryptocurrency.The authorities in Seoul say the regime in Pyongyang is using the digital assets to fund its nuclear and missile development projects.South Korea Hits North Korean Hackers With First Cybercrime Sanctions The South Korean government has introduced sanctions in response to cyberattacks allegedly carried out by North Korea to finance its military programs.The measures target four North Korean individuals and seven entities, the Foreign Ministry in Seoul announced Friday.The sanctions, which are South’s first independently imposed, are aimed at actors associated with North Korea’s main intelligence agency, the Reconnaissance General Bureau, which is considered responsible for Pyongyang’s cyberwarfare operations.Among them are the hacking collective Lazarus Group, linked to hundreds of millions of dollars of stolen crypto, and one of its members, Park Jin Hyok, who is on the FBI’s Most Wanted list of cybercriminals, said to be behind Wannacry ransomware and other cyberattacks.These are “not the only targets” under scrutiny, a senior Foreign Ministry official quoted by the Korea Herald emphasized, without providing details.
UPI reported that Pyongyang Automation University, believed to be training North Korean hackers, has also been blacklisted.
The South Korean Ministry of Foreign Affairs said that these hackers have stolen digital currency worth more than $1.2 billion since 2017.Over half of it came from the attack last March on Ronin, the blockchain network of the online game Axie Infinity.According to a draft U.N.report prepared by independent sanctions monitors, North Korea stole more crypto assets in 2022 than in any previous year.
The document, which is yet to be publicly released, quotes different estimates including an assessment that the virtual cash obtained by hackers working for Pyongyang during the studied period exceeded $1 billion in value.Tags in this story Crypto, Crypto theft, Cryptocurrencies, Cryptocurrency, cyberattacks, Cybercrime, cybercriminals, Hack, Hackers, Hacking, korea, korean, Lazarus, Lazarus Group, north korea, North Korean, Sanctions, South Korea, south korean, Theft Do you expect South Korea to expand the sanctions against the North in the future? Tell us in the comments section below.
Lubomir Tassev Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.Authorities in Abkhazia are stepping up efforts to clamp down on cryptocurrency mining amid electricity shortages in the winter months.The government of the breakaway Georgian region announced it’s also taking measures to prevent imports of mining equipment.Abkhazia Creates Headquarters to Combat Illegal Crypto Mining Operations Police in Abkhazia are conducting daily raids to identify mining facilities that have been illegally connected to the power grid and inspect previously shut down crypto farms, the Ministry of Internal Affairs of the partially recognized republic in northwestern Georgia revealed in a press release.The department also said it’s closely monitoring the activities of individuals and entities providing services for the supply and maintenance of devices designed to mint digital coins in order to prevent the importation of mining hardware in the territory which is still banned.Furthermore, a republican headquarters to combat illegal crypto mining has been established on the order of President Aslan Bzhania.
It includes the heads of the Ministry of Economy, the State Security Service, the Interior Ministry, the State Customs Committee, and other departments.The body is chaired by Prime Minister Alexander Ankvab who has demanded that power engineers in the region investigate all cases of illegal connections of mining farms to the distribution network, according to the government press service.Quoted by the Russian business news portal RBC, he stated: The situation in the electric power industry is extremely difficult, so the fight against mining, along with other measures, should significantly reduce the load on the infrastructure.Ankvab insisted that all unauthorized installations and the operation of transformer substations must be eliminated with the help of law enforcement and stressed that the executives of electric utilities bear personal responsibility to change the current situation.
The prime minister instructed customs officials to identify and suppress attempts to import mining equipment.Over the past several years, many people in Abkhazia turned to the mining of digital currencies as a source of additional income and the government blames the power-hungry production for the republic’s growing electricity deficit.The Russia-backed de facto state temporarily prohibited crypto mining and hardware imports in 2018 in an effort to deal with the energy crisis.In 2021, the ban was extended until the spring of 2022 and then prolonged again.
Tags in this story Abkhazia, ban, Crackdown, Crypto, crypto farms, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, deficit, Devices, Electricity, equipment, Georgia, Hardware, imports, Miners, mining, mining farms, power, shortages Do you think Abkhazia will continue to crack down on cryptocurrency mining in the future? Tell us in the comments section below.Lubomir Tassev Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.Image Credits: Shutterstock, Pixabay, Wiki Commons, Kokoulina / Shutterstock.com Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.bitcoin farm State-Backed Crypto Mining Farm Under Construction In Russia’s Buryatia A new crypto mining facility is being built in the Russian Republic of Buryatia with support from a government-affiliated company.Construction of the infrastructure for the large-scale project is already underway, carried out by a subsidiary of Russia’s largest mining operator, Bitriver.
Bitriver Building Large Data Center for Cryptocurrency Mining in Buryatia, Siberia A 100-megawatt data processing center dedicated to the minting of digital coins will open this year in Buryatia, a Russian republic in south-central Siberia, the Russian Far East and the Arctic Development Corporation (KRDV) announced.The price tag of the project is about 900 million rubles (over $12.3 million), the business news portal RBC reported, quoting a press release.The launch of the facility, which will host 30,000 mining machines, is scheduled for the first half of 2023.Bitriver-B, a subsidiary of Russia’s mining giant Bitriver, has already started the construction of buildings, other infrastructure, and the supply of the necessary power equipment.The new enterprise will create about 100 jobs, the company said.
The bitcoin mining farm is situated in the village of Mukhorshibir, in the “Buryatia” Priority Development Area, a territory of the republic where a special legal regime has been established in order to facilitate entrepreneurial activities.KRDV is a management company reporting to the Russian Ministry for the Development of the Far East and the Arctic and the President’s Plenipotentiary Representative in the Far Eastern Federal District.Its main task is to help investment projects in Russia’s Far East and the Arctic.“Bitriver-B, which creates one of the most important enterprises for the digital development of Buryatia, has been provided with a wide range of government support tools.These are zero taxes on land and property, insurance premiums reduced to 7.6%, and a reduced income tax rate,” revealed Dmitry Khameruev, director of KRDV Buryatia.
The bitcoin farm will also pay for the electricity it will use at almost half the regular tariff, the executive added.The announcement of the major mining project comes after a report revealed last week that the total power capacity of Russia’s industrial mining farms exceeded 500 megawatts at the end of 2022.That’s despite the crypto market downturn last year and the negative effect of sanctions targeting the country’s mining potential as part of penalties imposed over the invasion of Ukraine.Tags in this story bitcoin farm, Bitriver, Buryatia, Crypto, crypto miners, crypto mining, Cryptocurrencies, Cryptocurrency, investment, Miners, mining, Mining Facility, Mining Farm, mining project, Russia, russian, Siberia Do you think Russia will support the building of more crypto mining farms in the future? Tell us in the comments section below.Lubomir Tassev Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.
It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.ban Coinbase CEO Brian Armstrong Expresses Concern Over Rumors Of SEC Ban On Crypto Staking For Retail Customers Brian Armstrong, CEO of Coinbase, expressed concern about rumors that the U.S.Securities and Exchange Commission (SEC) may eliminate cryptocurrency staking for retail customers in the United States.Armstrong insisted that “staking is not a security” and that the trend allows users to “participate directly in running open crypto networks.” Coinbase CEO Vocalizes Worry Over US Stifling Crypto Staking and Innovation Coinbase CEO Brian Armstrong said he has heard rumors that the U.S.Securities and Exchange Commission (SEC) plans to eliminate cryptocurrency staking for retail customers in the U.S.Armstrong shared his views on Twitter and stated that he doesn’t believe the top securities regulator should ban cryptocurrency staking in the country.
“I hope that’s not the case,” Armstrong wrote, “as I believe it would be a terrible path for the U.S.
if that were allowed to happen.” Sharing a “primer” on the subject written by Paradigm, Armstrong stressed that staking is not a security.“Staking is a really important innovation in crypto,” the Coinbase CEO said.“It allows users to participate directly in running open crypto networks.Staking brings many positive improvements to the space, including scalability, increased security, and reduced carbon footprints.” Armstrong argued that new technologies need to be fostered, not stifled, in the U.S.and that it is important for the country to have clear rules for financial services and Web3 industries for national security reasons.
“Regulation by enforcement doesn’t work,” Armstrong said.“It encourages companies to operate offshore, as happened with FTX.” Not everyone agreed with Armstrong, as some quickly criticized staking and decentralized finance (defi).
“It’s almost like defi and staking isn’t decentralized,” one person quipped in Armstrong’s Twitter thread.Others poked fun at SEC Chairman Gary Gensler with a picture that included a quote that said: “Guess it’s time for more protection.” Another individual tweeted, “Realistically, the Howey test is so broad that pretty much everything is a security.The real test is whether the SEC wants to/feels like it can regulate the thing.” Armstrong hopes that the industry will work together to establish clear rules and “sensible solutions” that protect consumers while also “preserving innovation and national security interests” in the country.Tags in this story ban, Brian Armstrong, ceo, clear rules, Coinbase, companies, Consumers, Criticism, Crypto, Cryptocurrency, Decentralized finance (Defi), Financial Services, fostered, ftx, Gary Gensler, Howey Test, increased security, Innovation, National Security, national security interests, new technologies, offshore, open crypto networks, primers, reduced carbon footprints, regulation by enforcement, Regulations, regulator, retail customers, rumors, Scalability, SEC, sec chairman, securities regulator, sensible solutions, staking, stifled, Twitter, views, Web3 industries What do you think about Brian Armstrong’s hearing rumors about the potential ban on cryptocurrency staking by the SEC? Share your thoughts in the comments below.Jamie Redman Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida.Redman has been an active member of the cryptocurrency community since 2011.
He has a passion for Bitcoin, open-source code, and decentralized applications.Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.Image Credits: Shutterstock, Pixabay, Wiki Commons Disclaimer: This article is for informational purposes only.It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies.Bitcoin.com does not provide investment, tax, legal, or accounting advice.Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
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