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By Lauren Jackson, Former Legal Research Intern Edited by Rosa Park, HRNK Director of Programs and Editor, and Benjamin Fu, HRNK Research Intern June 23, 2020 The growing field of cryptocurrency is the new forum for rogue states and bad actors to earn a profit and finance criminal activities. Due to the largely unregulated and unsecured nature of the crypto industry as it stands today, there are very few consequences for stealing cryptocurrency. North Korea has exploited this vulnerability, and experts believe that the Kim regime exchanges coins for currency or physical goods to finance and support its leadership as well as nuclear and ballistic missile programs.[1] If North Korea is able to gain a steady revenue of funds from cryptocurrency, then the regime will continue to perpetrate human rights abuses. North Korean leadership will have no financial incentive to end its human rights violations if the country’s cybercrimes involving cryptocurrency render sanctions useless. Skirting sanctions enables North Korea to maintain its gulags, to keep its borders closed, and to continue to isolate its citizens from the rest of the world. North Korea Turns to Cryptocurrency After the United Nations Security Council imposed sanctions on North Korea’s oil supplies and textile industry in September 2017, North Korea turned to cryptocurrency to make up for its losses once the sanctions were enforced.[2] Cryptocurrency is a digital currency without a central authority such as a bank.[3] Cryptocurrency bypasses the payment and money-tracking mechanisms traditionally utilized to make cash transactions. For example, say a shopper wants to purchase a sofa on Overstock.com. Typically, the shopper needs a debit or credit card issued by a bank or credit card association. Once the shopper has submitted his or her card information, the bank or card issuer is notified of the transaction and either accepts the transaction as legitimate or declines the transaction entirely. This third-party bank or card issuer is responsible for keeping track of the amount held in the account or credit available as well as any transactions depositing or withdrawing from the account. Typically, the third-party uses a central server to keep a ledger of the information.[4] Cryptocurrency, however, completely removes the bank or card issuer from the transaction. Say the same shopper wants to buy the sofa using Bitcoin instead, a cryptocurrency accepted by Overstock.com.[5] The shopper retains full control over his or her money, and the transaction never passes through a third party. Overstock.com can receive the payment without using a central server, much like a peer-to-peer file-sharing network.[6] Since there is not a central server that records and verifies these transactions, cryptocurrency utilizes blockchain technology that allows every user on the network to have access to a ledger containing all transactions using a particular cryptocurrency.[7] The software algorithms record the transactions across the network and confirm the validity of these transactions.[8] This form of currency is particularly attractive to North Korea because “it can be moved quickly and anonymously across borders and can be used to buy goods and services online or converted to hard currency.”[9] Due to the depletion of resources and income stemming from the sanctions, North Korea is increasingly relying on cryptocurrency obtained usually through illegal means. North Korea’s Means of Gaining Cryptocurrency Even prior to the increased sanctions, North Korea had already begun mining cryptocurrency. “Mining” is the method by which a particular transaction is verified as being legitimate and accurate. A “miner” is responsible for this verification process by competing against other miners to compute an accurate number chain identifying the transaction. The miner who correctly computes the number chain first is rewarded with cryptocurrency, most popularly Bitcoin. Monero is another attractive cryptocurrency to mine for those who wish to remain anonymous because Monero uses confidential transactions and stealth addresses to “obfuscate transactions at the protocol level to protect both senders and receivers from eavesdropping while still allowing transactions to be validated by a third party if desired.”[10] Conceptually, anyone could be a miner; however, mining requires a significant amount of computing power to be the first to accurately predict the number chain. This is a legal method of creating cryptocurrency that is being used and manipulated by North Korea. According to Recorded Future, an international technology company focused on researching threat intelligence, North Korea began mining as early as May 2017.[11] Since then, North Korea’s exploitation of mining cryptocurrencies has “exploded.”[12] AlienVault, a US cybersecurity firm investigating North Korea’s mining activities, discovered a software that installs code for mining and sends the generated coins to a server at Kim Il Sung University in Pyongyang.[13] In order to be the first to solve the puzzle, North Korea began hijacking computers to support this mining capability.[14] Since mining takes a significant amount of money, hardware, and electricity, using someone else’s computer power circumvents the difficulties and costliness of mining. According to Chris Doman, an AlienVault threat engineer, “[R]unning [the mining software] on someone else’s computer means you don’t have any costs, only profit.”[15] The Korea Development Bank reports that Joseon Expo, a North Korean IT firm, has already developed the software technology to engage in cryptocurrency transactions.[16] North Korea not only mines cryptocurrency, but also employs illegal means of creating wealth through cryptocurrency. In May 2017, North Korea hacked into businesses’ computer systems worldwide through ransomware downloaded onto employees’ computers. These attacks have been deemed the “WannaCry Attacks” named for the ransomware software used to break into the computer system. After the break-in, North Korean hackers were able to cause chaos on the businesses infected with the ransomware, particularly health service providers in the United Kingdom.[17] In order to regain control of its computer systems, the victims had to pay a ransom into one of three Bitcoin wallets.[18] At the time, there was criticism of the attackers by the information security community because it seemed naïve to only use three wallets, which are easily traceable. At the end of the attack, there were 52 Bitcoin in the wallets, which did not move until August 2, 2017. The wallets were emptied in a total of six transactions.[19] The Bitcoins were then moved into a technology called a mixer. A mixer is a legal coin launderer that breaks up cryptocurrency into tens of thousands of pieces and engages in tens of thousands more transactions in order to obfuscate the original coins.[20] After the coins were run through the mixer, North Korea transferred the coins into Monero, a cryptocurrency that allows only the sender and the receiver to know who each other are and how many coins are part of the transaction, making the coins difficult to trace.[21] Monero issues users a “stealth address,” which prevents transactions from being linked to a specific account.[22] Monero also groups several hundred transactions on its network.[23] By lumping transactions together, the amount of cryptocurrency exchanged in each transaction is difficult to know. Ransomware attacks are not the only tool used by North Korea to illegally generate Bitcoins. North Korea steals cryptocurrency from other countries by targeting their coin exchanges. South Korea, in particular, has been hit with a series of attacks on its coin exchanges. Most recently in June 2018, Bithumb, a South Korean coin exchange, lost $31.5 million to North Korean hackers.[24] Youbit, another South Korean exchange, filed for bankruptcy after two hacking attacks in 2017, depleting 17% of its assets.[25] Japan’s Coincheck suffered a staggering loss after hackers stole $530 million.[26] According to Recorded Future, North Korea’s total revenue from these cyber crimes can range anywhere from $500 million to $700 million, depending on when the country cashed out.[27] North Korea is receiving a substantial payload from these cryptocurrency crimes and is unlikely to end its criminal behavior in the near future. Since the crypto industry remains largely unregulated and only lightly secured, cryptocurrency becomes an “irresistible target” for many bad actors.[28] In order to curb the loss of cryptocurrency and, in turn, reduce the amount of money North Korea can use to fund its regime, certain regulatory measures must be utilized. Response to Attacks and Regulations Enforced Due to the decentralized and unregulated nature of cryptocurrency that is attractive to cybercrime, countries have been forced to respond to the growing threat of cybercrime in various ways. Some countries, such as Brazil and China, have hardline laws against cryptocurrencies. These states do not recognize coins as a financial asset and ban investments in cryptocurrency entirely.[29] However, countries are increasingly recognizing cryptocurrency as either a currency or a commodity, and enact policies accordingly. South Korea South Korea has been forced to grapple with the realities of cryptocurrency crimes, especially because the country is a major player in the cryptocurrency market. South Korea accounted for up to 15% of Bitcoin trading as of January 2018, and, according to one study, 80% of South Korean investors have profited from cryptocurrency.[30] The study also found that one-third of salaried Koreans invest in cryptocurrency with the average investor holding approximately $5,000 in cryptocurrency assets.[31] Once coin exchanges were exposed to attacks, Park Sang-ki, the justice minister, announced plans to halt cryptocurrency trading.[32] This announcement caused a plummet in the stock market and resulted in over 215,000 people signing a petition that opposed an all-out ban.[33] Instead of a complete ban on cryptocurrencies, South Korea adopted a ban on anonymous trading, which allows banks to comply with anti-money laundering and know your customer obligations.[34] An account at a virtual currency exchange must be linked to a real-name bank account in order to be used for deposits and withdrawals.[35] All foreigners and minors were also banned from being able to open new bank accounts linked to cryptocurrency accounts.[36] Furthermore, South Korea announced that the government will be taxing cryptocurrency exchanges at a rate of 24.2% on cumulative exchanges over 20 billion won annually.[37] In May 2018, there was speculation that South Korea would begin softening its cryptocurrency policies to align with forthcoming G-20 recommendations, if the recommendations from the G-20 central bankers and finance ministers were significantly less stringent than South Korea’s current policies.[38] The belief is that if South Korea unifies its policies with those of other countries, the unity will stabilize and expand the cryptocurrency market.[39] While these regulations will cut against a bad actor’s ability to transfer coins without trace, hacking and coin theft is still a problem for South Korean coin exchanges. In June 2018, hackers attacked South Korea’s Coinrail, contributing to a 10% decrease in Bitcoin’s price immediately afterward.[40] Regulations on an exchange’s practices need to cut deeper than just their customer base. Regulators should also require coin exchanges to keep updated security measures. Naeem Aslam from ThinkMarkets, an online trading platform, said that the hacking pattern is “the result of loose regulatory control, and regulators must step in to protect the consumers. Anyone who wants to do anything with exchanges should be forced to adopt high-grade security and regular security upgrades.”[41] United States No single federal government agency regulates cryptocurrency currently.[42] Instead, a variety of agencies approach virtual currency in different ways. The Federal Reserve Bank sets the monetary policy, but the United States does not yet see cryptocurrency as a legal tender.[43] The Internal Revenue Service categorizes digital currency as property, subjecting cryptocurrency to taxation.[44] Potentially, cryptocurrency could become subject to anti-money laundering laws, and the Financial Crimes Enforcement Network (FinCEN) would then become responsible for enforcing the Bank Secrecy Act and passing regulations to ward off bad actors. FinCen has already applied these rules to initial coin offerings activities.[45] However, with no clear set of standards for virtual currency, the regulatory landscape remains uncertain. An article published in the Harvard Business Review states that, “[O]verlapping oversight by various agencies creates a structural barrier to change and drives up costs for creators of cryptocurrencies. This improvised approach needs to be improved.”[46] Not only is the lack of regulation a haven for bad actors, but the lack of regulation also hurts innovation, investors, and self-regulation within cryptocurrencies.[47] Even though cryptocurrencies suffer from a lack of federal regulation, states have passed their own laws regulating virtual currency.[48] For example, Washington state requires cryptocurrency exchanges to maintain cash equivalents to an exchange’s transactions. The New York State Department of Financial Services established regulations that require virtual currency businesses to hold a license in order to operate in New York state.[49] This license has several compliance requirements and a $5,000 application fee.[50] Some cryptocurrency businesses were unable to comply with the regulations or found the application fee too expensive, which led to “The Great Bitcoin Exodus.”[51] With other states not implementing similar regulations, it was easy for businesses to move elsewhere. Arizona is attempting to pass a Bitcoin bill to allow state residents to pay taxes in Bitcoin.[52] Illinois and Georgia are looking to do the same thing, effectively making Bitcoin a legal tender. The failure of the federal government and state governments to align on a cohesive view of virtual currencies allows for bad actors to bypass consequences. It is important to note that regulation is not the only way the United States has addressed North Korea’s cybercrimes. Identifying bad actors and pursuing criminal legal action against them is another tool the country can use to punish cybercriminals and deter others from committing similar crimes. After the Sony hacks, the Department of Justice brought a criminal complaint naming a North Korean hacker and identifying a team of hackers from North Korea’s main intelligence agency amongst others in “the most specific public accounting yet of North Korea’s cyberattacks against other countries.”[53] Other Countries The European Union and the United Kingdom followed South Korea’s lead and implemented several regulations. In December 2017, the United Kingdom Treasury and the European Union made plans to end anonymous trading aimed at reducing money laundering and tax evasion.[54] In April 2018, the European Parliament passed a regulation that now requires exchanges to be registered with authorities, apply due diligence procedures on its customers, and report suspicious activity.[55] Japan is leading the way in terms of cryptocurrency regulations, specifically because it has been the target of attacks in the past. Japan implemented new terms in its Payment Services Act. The Act defines virtual currency as a form of payment, although it stops short of defining coins as legal tender.[56] The Act also requires exchanges seeking to do business in Japan or with its citizens to register with the Financial Services Agency. Much like licensed exchanges in New York, Japanese exchanges must “maintain proper bookkeeping, undergo annual audits, file business reports and comply with strict know-your-customer and anti-money-laundering rules, and more.” At the time North Korea hacked Coincheck, the exchange was operating under a grace period and had not yet fully complied with the regulations in the Payment Services Act.[57] Most importantly, in April 2018, Japan launched the Japan Virtual Currency Exchange Industry Association. This association is a self-regulating body comprised of the first 16 licensed Japanese coin exchanges. This self-regulating body has the power to create rules, enforce them, fine violators, and develop standards for the industry.[58] FATF Recommendations In an effort to create a unified vision of the future of cryptocurrencies, the world’s top 20 major economies asked for international organizations to weigh in on cryptocurrency standards in the March 2018 G-20 meeting. The G-20 meeting recommended that all countries should adopt cryptocurrency because it is “no longer possible to separate the digital age from the economy.”[59] Regulations are both inevitable and much-needed, but countries cannot ban cryptocurrencies outright.[60] The Financial Action Task Force (FATF) and the Organization for Economic Cooperation and Development are in charge of writing these policy goals into a proposal, specifically focusing on preventing crimes like financing terrorism, money laundering, and scams.[61] The FATF report focused on investigation procedures and holding exchanges legally accountable. The report stated that the FATF will work on improving the implementation of anti-money laundering standards “by holding countries accountable for failures to address AML/CFT [anti-money laundering/combating the financing of terrorism] deficiencies through its mutual evaluation, follow-up, and International Cooperation Review Group processes.[62] The FATF report also highlighted the significance of innovation within the virtual currency regulatory framework. FATF prioritized working with the FinTech and RegTech community to develop digital identity technology that manages the risks of financing terrorism and money laundering.[63] United Nations Resolutions on Cybercrime More generally, the United Nations has sought to advance world cooperation in fighting against cybercrime. The United Nations Office on Drugs and Crime defines cybercrime as crime that “requires an ICT infrastructure and is often typified as the creation, dissemination and deployment of malware, ransomware, attacks on critical national infrastructure…and taking a website offline by overloading it with data…”[64] North Korea’s cryptocurrency-related offenses, its use of malware and ransomware, and its attack on several countries’ infrastructure fits squarely within the definition set out by the United Nations. Under the Commission on Crime Prevention and Criminal Justice Resolutions 22/7 and 22/8, the Global Programme on Cybercrime was tasked with assisting Member States “in their struggle against cyber-related crimes through capacity building and technical assistance.”[65] The main objective of the Global Programme is to aid in the investigation, prosecution, and adjudication of cybercrime “within a strong human-rights framework.”[66] Additionally, the Global Programme’s mission is to create an efficient government response to cybercrime and to strengthen communication between government, law enforcement, and the private sector about cybercrime.[67] Potential Solutions The only way to completely ensure safety and security would be to ban ownership of cryptocurrency outright. However, this solution is not possible in the United States with a free market, and there would be tremendous backlash from users and investors in cryptocurrency and blockchain technology. Regulation is the only other effective means of providing stability and security to the cryptocurrency industry. Regulation is not the death of cryptocurrency. Instead, regulation can help with security in the cryptocurrency world, allowing investors and innovators to enter the field with more certainty and give assurances that their time and money are not frivolously spent. Regulation also wards off bad actors and sets consequences for those who may abuse the system. North Korea, as well as others who use virtual currency to finance crime, will continue to exploit this vulnerability for their own financial gain unless governing bodies enforce stricter standards of operation. In order to protect valuable assets from bad actors, the United States should first come to terms with the state of cryptocurrency today. As more and more retailers accept cryptocurrency as a cash equivalent and cryptocurrency grows in popularity and use, the United States should recognize certain virtual currencies as legal tender. One of the key recommendations made in the G-20 meeting was to mainstream cryptocurrency. Not only does accepting cryptocurrency as legal tender benefit the United States by keeping its monetary policy in line with the modern age, but the cryptocurrency industry also encourages this mainstreaming.[68] States have already begun to recognize the monetary value of cryptocurrencies, and federal recognition would help legitimize and expand cryptocurrency and blockchain technology. Coin exchanges would become responsible for applying anti-money laundering laws and know your customer regulations within their operations. Notably, a coin exchange using a mixer would be responsible for making sure bad actors do not abuse mixer technology to launder coins or remain largely anonymous. If a platform already provides a high degree of anonymity, the use of a mixer is at best redundant and at worst furthering criminal activity. Since there are very few good-faith reasons why coins would need to be run through a mixer, a regulation banning mixers altogether may be wise to pursue. Most importantly, the United States should accept the recommendations of the FATF report and adopt similar policies like Japan by implementing a self-regulating body to respond to the crypto industry’s needs quickly and efficiently. Since no one agency currently oversees regulating cryptocurrency or the developing technology, coin exchanges, investors, and entrepreneurs do not have a set standard to meet. Uncertainty works in a bad actor’s favor, much like it has for North Korea. A self-regulating body that has a vested interest in keeping cryptocurrency legitimate can help secure the industry. Coin exchanges should be held accountable for its security measures. FATF recommended legal consequences for not keeping security up-to-date. By requiring coin exchanges to comply with security measures set by a self-regulating body and encouraging the FinTech and RegTech industry to grow, the United States would be signaling its commitment to keep hackers and terrorists at bay from its citizens’ financial assets. Finally, the Global Programme on Cybercrime should consider North Korean cryptocurrency-related crime as a violation of the human-rights framework it is charged with upholding. Sanctions are no longer an effective means to undermine the regime’s ability to finance its most egregious human rights violation—political prison camps. The Global Programme should investigate all cryptocurrency theft and coin exchange attacks and advise Member States in order to strengthen the international community’s response to cybercrime. Conclusion As cryptocurrencies grow in popularity, countries must enact regulations that properly address the growing threat of cybercrime that cryptocurrencies present. Bad actors and hackers like the ones North Korea employed during the Sony and Wanna Cry attacks use their coins to skirt sanctions and counteract depleted funds. The United States should support policies that acknowledge the relevance of cryptocurrency as legal tender and create a self-regulating body that can respond to the industry’s growing need for regulation. Cryptocurrency has the potential to greatly benefit the United States, but, as North Korea has demonstrated, the industry is a haven for cybercriminals to exploit. Lauren Jackson is an attorney practicing in tax and corporate law in Virginia Beach, Virginia. She graduated from Liberty University in 2014 with a BA in English and minors in Journalism and Writing. In 2019, Lauren graduated from the University of Toledo College of Law, where she published a Law Review article about the detention of refugees in prison camps on Manus Island and Nauru. Lauren interned with the Committee for Human Rights in North Korea during the summer of 2018. [1] “How Bitcoin Helps Bankroll North Korea’s Arms Program,” FX Empire, accessed February 23, 2019, https://www.fxempire.com/education/article/how-bitcoin-helps-bankroll-north-koreas-arms-program-514989.
[2] Ralph Jennings, “North Korea Is Looking at Bitcoin to Escape Its Crippling Economic Sanctions,” Forbes, December 19, 2017, https://www.forbes.com/sites/ralphjennings/2017/12/19/north-korea-seeks-a-pile-of-bitcoin-to-escape-economic-sanctions/#3789727739ba. [3] Jack Brodsky, David Fialkow, and Edward Mikolinski, “Cryptocurrency 2018: When the Law Catches Up with Game-Changing Technology,” Practitioner Insights Commentaries, March 5, 2018, Westlaw. [4] “What is Cryptocurrency: Everything You Need to Know,” BlockGeeks, updated September 13, 2018, https://blockgeeks.com/guides/what-is-cryptocurrency/. [5] “Help Center: Bitcoin,” Overstock.com, access February 23, 2019, https://help.overstock.com/help/s/article/Bitcoin. [6] “What is Cryptocurrency: Everything You Need to Know,” BlockGeeks, updated September 13, 2018, https://blockgeeks.com/guides/what-is-cryptocurrency/. 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[16] Kim Yoo-chul, “Cryptocurrency – A New Revenue Source for North Korea?,” Korea Times, August 31, 2018, http://www.koreatimes.co.kr/www/nation/2018/08/113_254646.html. [17] Matthew Wall & Mark Ward, “WannaCry: What You Can Do to Protect Your Business?,” BBC, May 19, 2019, https://www.bbc.com/news/business-39947944. [18] Priscilla Moriuchi, “Asia Transnational Threats Forum: Cybersecurity in Asia,” June 14, 2018, Brookings Institution video, 44:08, https://www.brookings.edu/events/asia-transnational-threats-forum-cybersecurity-in-asia/. [19] Priscilla Moriuchi, “Asia Transnational Threats Forum: Cybersecurity in Asia,” June 14, 2018, Brookings Institution video, 45:00, https://www.brookings.edu/events/asia-transnational-threats-forum-cybersecurity-in-asia/. [20] “Survey of Bitcoin Mixing Services: Tracing Anonymous Bitcoins,” Novetta, September 2015, http://www.novetta.com/wp-content/uploads/2015/10/NovettaBiometrics_BitcoinCryptocurrency_WP-W_9182015.pdf. [21] Priscilla Moriuchi, “Asia Transnational Threats Forum: Cybersecurity in Asia,” June 14, 2018, Brookings Institution video, 46:32, https://www.brookings.edu/events/asia-transnational-threats-forum-cybersecurity-in-asia/. [22] Ali Raza, “Monero – Privacy and Anonymity on the Blockchain,” Cryptoslate, February 10, 2018, https://cryptoslate.com/monero-privacy-anonymity-blockchain/. [23] Ali Raza, “Monero – Privacy and Anonymity on the Blockchain,” Cryptoslate, February 10, 2018, https://cryptoslate.com/monero-privacy-anonymity-blockchain/. [24] Cynthia Kim and Joyce Lee, “South Korea’s Bithumb Loses $32 Million in Digital Money Heist, Bitcoin Falls,” Reuters, June 19, 2018, https://www.reuters.com/article/us-crypto-currencies-southkorea/south-koreas-bithumb-loses-32-million-in-digital-money-heist-bitcoin-falls-idUSKBN1JG07F; all monetary values represent the value at the time of publication and have not been adjusted to account for nominal exchange rates between foreign currencies. [25] “South Korean Cryptocurrency Exchange to File for Bankruptcy After Hacking,” Reuters, December 19, 2017, https://www.reuters.com/article/us-bitcoin-exchange-southkorea/south-korean-cryptocurrency-exchange-to-file-for-bankruptcy-after-hacking-idUSKBN1ED0NJ. [26] Laignee Barron, “North Korean Hackers may have Stolen $530 million from a Japanese Cryptocurrency Exchange,” Fortune, February 6, 2018, http://fortune.com/2018/02/06/north-korea-coincheck-hack/. [27] Priscilla Moriuchi, “Asia Transnational Threats Forum: Cybersecurity in Asia,” June 14, 2018, Brookings Institution video, 54:20, https://www.brookings.edu/events/asia-transnational-threats-forum-cybersecurity-in-asia/. [28] Cynthia Kim and Joyce Lee, “South Korea’s Bithumb Loses $32 Million in Digital Money Heist, Bitcoin Falls,” Reuters, June 19, 2018, https://www.reuters.com/article/us-crypto-currencies-southkorea/south-koreas-bithumb-loses-32-million-in-digital-money-heist-bitcoin-falls-idUSKBN1JG07F. [29] “A Snapshot of Current Crypto Regulations of All G20 Member States,” Torque Ventures, March 14, 2018, https://www.google.com/url?q=https://www.globallegalinsights.com/practice-areas/blockchain-laws-and-regulations/china&sa=D&ust=1592856263093000&usg=AFQjCNHvkETPvX0r3KnZRgHJC0N9lwBZUg. [30] “A Snapshot of Current Crypto Regulations of All G20 Member States,” Torque Ventures, March 14, 2018, https://medium.com/torque-capital-partners/a-snapshot-of-current-crypto-regulations-of-all-g20-member-states-3b5f80ffac81; Chrisjan Pauw, “South Korea and Crypto Regulations, Explained,” CoinTelegraph, February 6, 2018, https://cointelegraph.com/explained/south-korea-and-crypto-regulations-explained. [31] Chrisjan Pauw, “South Korea and Crypto Regulations, Explained,” CoinTelegraph, February 6, 2018, https://cointelegraph.com/explained/south-korea-and-crypto-regulations-explained. [32] Cynthia Kim and Heekyong Yang, “Uproar Over Crackdown on Cryptocurrencies Divides South Korea,” Reuters, January 12, 2018, https://uk.reuters.com/article/us-southkorea-bitcoin/uproar-over-crackdown-on-cryptocurrencies-divides-south-korea-idUKKBN1F10YG. 33] Cynthia Kim and Heekyong Yang, “Uproar Over Crackdown on Cryptocurrencies Divides South Korea,” Reuters, January 12, 2018, https://uk.reuters.com/article/us-southkorea-bitcoin/uproar-over-crackdown-on-cryptocurrencies-divides-south-korea-idUKKBN1F10YG; Kevin Helms, “215,000+ Sign Petition Against South Korean Crypto Regulation - Government to Respond,” Bitcoin News, January 16, 2018, https://news.bitcoin.com/petition-against-south-korean-crypto-regulation-government-respond/. [34] “(LEAD) Gov’t to require real-name transactions in cryptocurrency trading,” Yonhap, December 28, 2017, https://en.yna.co.kr/view/AEN20171228005651315. [35] “(LEAD) Gov’t to require real-name transactions in cryptocurrency trading,” Yonhap, December 28, 2017, https://en.yna.co.kr/view/AEN20171228005651315. [36] Chrisjan Pauw, “South Korea and Crypto Regulations, Explained,” CoinTelegraph, February 6, 2018, https://cointelegraph.com/explained/south-korea-and-crypto-regulations-explained. [37] Chrisjan Pauw, “South Korea and Crypto Regulations, Explained,” CoinTelegraph, February 6, 2018, https://cointelegraph.com/explained/south-korea-and-crypto-regulations-explained. [38] Kevin Helms, “South Korea to Follow G20 Unified Cryptocurrency Regulations,” Bitcoin News, May 17, 2018, https://news.bitcoin.com/south-korea-g20s-unified-cryptocurrency-regulations/. [39] “South Korea to Ease Cryptocurrency Trading Regulations, Highly Optimistic,” News BTC, May 7, 2018, https://www.newsbtc.com/2018/05/07/south-korea-ease-cryptocurrency-trading-regulation-highly-optimistic/. [40] Julia Kollewe, “Bitcoin Prices Plunges after Cryptocurrency Exchange Hack,” Guardian, June 11, 2018, https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck. [41] Julia Kollewe, “Bitcoin Prices Plunges after Cryptocurrency Exchange Hack,” Guardian, June 11, 2018, https://www.theguardian.com/technology/2018/jun/11/bitcoin-price-cryptocurrency-hacked-south-korea-coincheck. [42] Stephen Obie and Mark Rasmussen, “How Regulation Could Help Cryptocurrencies Grow,” Harvard Business Review, July 17, 2018, https://hbr.org/2018/07/how-regulation-could-help-cryptocurrencies-grow. [43] Stefan Stankovic, “US Cryptocurrency Regulation: Policies, Regimes & More,” Unblock, updated February 18, 2019, https://unblock.net/us-cryptocurrency-regulation/. [44] Bill DeLisle, “The Current State of Cryptocurrency Taxes in the U.S.,” Cryptoslate, March 19, 2018, https://cryptoslate.com/us-cryptocurrency-taxes/. [45] Drew Maloney, Assistant Secretary for Legislative Affairs, Department of Treasury, letter to Senator Ron Wyden, Coin Center, February 13, 2018, https://coincenter.org/files/2018-03/fincen-ico-letter-march-2018-coin-center.pdf. [46] Stephen Obie and Mark Rasmussen, “How Regulation Could Help Cryptocurrencies Grow,” Harvard Business Review, July 17, 2018, https://hbr.org/2018/07/how-regulation-could-help-cryptocurrencies-grow. [47] Stephen Obie and Mark Rasmussen, “How Regulation Could Help Cryptocurrencies Grow,” Harvard Business Review, July 17, 2018, https://hbr.org/2018/07/how-regulation-could-help-cryptocurrencies-grow. [48] Stefan Stankovic, “US Cryptocurrency Regulation: Policies, Regimes & More,” Unblock, updated February 18, 2019, https://unblock.net/us-cryptocurrency-regulation/. [49] Rakesh Sharma, “More US States May Roll Out Cryptocurrency Regulations,” Investopedia, updated March 7, 2018, https://www.investopedia.com/news/majority-us-states-are-still-acknowledge-cryptocurrencies/. [50] “Cryptocurrency & Law: A Comprehensive Overview of 50 States’ Guidance and Regulations on Blockchain and Digital Currency,” Bitcoin Center New York City, March 6, 2018, https://bitcoincenternyc.com/bitcoin-news/bitcoin-blockchain-cryptocurrency-laws-50-states/. [51] “Cryptocurrency & Law: A Comprehensive Overview of 50 States’ Guidance and Regulations on Blockchain and Digital Currency,” Bitcoin Center New York City, March 6, 2018, https://bitcoincenternyc.com/bitcoin-news/bitcoin-blockchain-cryptocurrency-laws-50-states/. [52] “Cryptocurrency & Law: A Comprehensive Overview of 50 States’ Guidance and Regulations on Blockchain and Digital Currency,” Bitcoin Center New York City, March 6, 2018, https://bitcoincenternyc.com/bitcoin-news/bitcoin-blockchain-cryptocurrency-laws-50-states/. [53] Katie Benner and David Sanger, “U.S. Accuses North Korea of Plot to Hurt Economy as Spy Is Charged in Sony Hack,” New York Times, September 6, 2018, https://www.nytimes.com/2018/09/06/us/politics/north-korea-sony-hack-wannacry-indictment.html. [54] Andrew Nelson, “Cryptocurrency Regulation in 2018: Where the World Stands Right Now,” Bitcoin Magazine, February 1, 2018, https://bitcoinmagazine.com/articles/cryptocurrency-regulation-2018-where-world-stands-right-now/. [55] Andrew Nelson, “Cryptocurrency Regulation in 2018: Where the World Stands Right Now,” Bitcoin Magazine, February 1, 2018, https://bitcoinmagazine.com/articles/cryptocurrency-regulation-2018-where-world-stands-right-now/; Sujha Sundarajan, “EU Parliament Votes for Closer Regulations of Cryptocurrency,” Coindesk, April 20, 2018, https://www.coindesk.com/eu-parliament-votes-for-closer-regulation-of-cryptocurrencies/. [56] Amy Castor, “How Japan is Creating the Template for Cryptocurrency Regulation,” Bitcoin Magazine, May 11, 2018, https://bitcoinmagazine.com/articles/how-japan-creating-template-cryptocurrency-regulation/. [57] Amy Castor, “How Japan is Creating the Template for Cryptocurrency Regulation,” Bitcoin Magazine, May 11, 2018, https://bitcoinmagazine.com/articles/how-japan-creating-template-cryptocurrency-regulation/. [58] Amy Castor, “How Japan is Creating the Template for Cryptocurrency Regulation,” Bitcoin Magazine, May 11, 2018, https://bitcoinmagazine.com/articles/how-japan-creating-template-cryptocurrency-regulation/. [59] Cassio Gusson, “10 Takeaways: A Cryptocurrency Summary from G20,” CCN, April 1, 2018, https://finance.yahoo.com/news/10-takeaways-cryptocurrency-summary-g20-125046216.html. [60] Cassio Gusson, “10 Takeaways: A Cryptocurrency Summary from G20,” CCN, April 1, 2018, https://finance.yahoo.com/news/10-takeaways-cryptocurrency-summary-g20-125046216.html. [61] Cassio Gusson, “10 Takeaways: A Cryptocurrency Summary from G20,” CCN, April 1, 2018, https://finance.yahoo.com/news/10-takeaways-cryptocurrency-summary-g20-125046216.html. [62] FATF, FATF Report to the G20 Finance Minister and Central Bank Governors, July 18, 2018, http://www.fatf-gafi.org/media/fatf/documents/reports/FATF-Report-G20-FM-CBG-July-2018.pdf. [63] FATF, FATF Report to the G20 Finance Minister and Central Bank Governors, July 18, 2018, http://www.fatf-gafi.org/publications/fatfgeneral/documents/report-g20-fm-cbg-july-2018.html. [64] “Global Programme on Cybercrime,” United Nations Office on Drugs and Crime, accessed February 23, 2019, https://www.unodc.org/unodc/en/cybercrime/global-programme-cybercrime.html. [65] “Global Programme on Cybercrime,” United Nations Office on Drugs and Crime, accessed February 23, 2019, https://www.unodc.org/unodc/en/cybercrime/global-programme-cybercrime.html. [66] “Global Programme on Cybercrime,” United Nations Office on Drugs and Crime, accessed February 23, 2019, https://www.unodc.org/unodc/en/cybercrime/global-programme-cybercrime.html. [67] “Global Programme on Cybercrime,” United Nations Office on Drugs and Crime, accessed February 23, 2019, https://www.unodc.org/unodc/en/cybercrime/global-programme-cybercrime.html. [68] Joon Ian Wong, “The Woman Who Led Crypto Policing in the US Guesses What’s Next for Regulation,” Quartz, April 12, 2018, https://qz.com/1236501/the-woman-who-once-policed-the-crypto-world-for-the-us-government-says-a-crackdown-is-coming/.
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9/1/2025 11:17:29 am
After my retirement last year November, I was really looking for a way to invest money and later decided to invest with a bitcoin trading company. I invested $591,000 with the company, everything was going well on till i tried making a withdraw. They said I have to invest more money till it reaches my withdrawal limit. I did a mistake not to tell my wife about the bitcoin investment company till it turned out to be a scam. Thank goodness she still understands me and was there to carry out the research on how to recover our lost bitcoin. I’m grateful to Mr James whom introduced us to ( recoverydarek@gmail. com ) They where able to recover all our lost bitcoin back to us.
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9/1/2025 10:26:43 pm
Losing one's Crypto currency to Scam Investment can be a devastating thing to experience, the fact that it is almost impossible to recover a Stolen or lost Crypto coin hurts more than anything. When a person gets scammed of their money while investing in a crypto currency platform the only thing they can think of is how to report the company and get back their money. Most victims of the scam contact their wallet account provider, their bank or the law enforcement, a few end up hiring a lawyer to sue the company but after all this stress they still can't get their money back. For a fact, I'd state that, anyone who finds he or herself in a position, needing to get back their cryptocurrency from the Hackron investment companies, should reach the Agency who are taking it to the chin by helping victims get their crypto currency back to their wallets. Best way to do this is by sending a mail to their support on:-hackrontech @gmail com
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Michael Daveport
9/12/2025 10:22:16 am
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9/14/2025 10:09:05 pm
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9/25/2025 03:10:48 pm
I was really looking for a way to invest money and later decided to invest with a bitcoin trading company. I invested $591,000 with the company, everything was going well on till i tried making a withdraw. They said I have to invest more money till it reaches my withdrawal limit. I did a mistake not to tell my wife about the bitcoin investment company till it turned out to be a scam. Thank goodness she still understands me and was there to carry out the research on how to recover our lost bitcoin. I’m grateful to Mr James whom introduced us to ( recoverydarek@gmail. com ) They where able to recover all our lost bitcoin .
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Camara Lee
9/25/2025 10:46:50 pm
Investment fraud is growing hugely and I advice the public to stay away from these fraudulent companies. For those who are victims to this scams like myself, I strongly recommend you to approach DAREK RECOVERY. I invested almost $270,000 and was unable to get my hard earn money back from an unregulated company that kept demanding for more deposits. Darek Recovery has successfully recovered investment for their clients. I have hired them as well and they did not disappoint, they recovered all of my money at no upfront cost. You can reach them on [email protected] If you are also a victim .
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Camara Lee
9/25/2025 10:49:14 pm
Investment fraud is growing hugely and I advice the public to stay away from these fraudulent companies. For those who are victims to this scams like myself, I strongly recommend you to approach DAREK RECOVERY. I invested almost $270,000 and was unable to get my hard earn money back from an unregulated company that kept demanding for more deposits. Darek Recovery has successfully recovered investment for their clients. I have hired them as well and they did not disappoint, they recovered all of my money at no upfront cost. You can reach them on [email protected] If you are also a victim
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Fabian
9/26/2025 09:20:35 am
Scammers have ruined the forex trading market, they have deceived many people with their fake promises on high returns. I learnt my lesson the hard way. I only pity people who still consider investing with them. Please try and make your researches, you will definitely come across better and reliable forex trading agencies that would help you yield profit and not ripping off your money. Also, if your money has been ripped-off by these scammers, you can report to a regulated crypto investigative unit who make use of software to get money back. They helped me recover my scammed funds back to me If you encounter with some issue make sure you contact ([email protected]) they're recovery expert and very effective .
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Mary Elizabeth
9/29/2025 09:35:02 pm
Hello everyone, I'm Elizabeth I recently lost $650k BTC to NASDAQ investment company while I was trying to double my income through online investment I soon realized I was scammed, It was too much to take in. After months of depression a friend recommended I contact this Crypto Recovery Company on ( recoverydarek @gmail. com ) and within 48 hours of working I got back my stolen bitcoin. I can't still believe it till this day, I am super grateful.
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Mary Elizabeth
10/3/2025 01:31:08 am
Hello everyone, I'm Elizabeth I recently lost $650k BTC to NASDAQ investment company while I was trying to double my income through online investment I soon realized I was scammed, It was too much to take in. After months of depression a friend recommended I contact this Crypto Recovery Company on ( recoverydarek @gmail. com ) and within 48 hours of working I got back my stolen bitcoin. I can't still believe it till this day, I am super grateful.
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Wendy Taylor
10/5/2025 07:26:55 pm
My name is Wendy Taylor, I'm from Los Angeles, i want to announce to you Viewer how Capital Crypto Recover help me to restore my Lost Bitcoin, I invested with a Crypto broker without proper research to know what I was hoarding my hard-earned money into scammers, i lost access to my crypto wallet or had your funds stolen? Don’t worry Capital Crypto Recover is here to help you recover your cryptocurrency with cutting-edge technical expertise, With years of experience in the crypto world, Capital Crypto Recover employs the best latest tools and ethical hacking techniques to help you recover lost assets, unlock hacked accounts, Whether it’s a forgotten password, Capital Crypto Recover has the expertise to help you get your crypto back. a security company service that has a 100% success rate in the recovery of crypto assets, i lost wallet and hacked accounts. I provided them the information they requested and they began their investigation. To my surprise, Capital Crypto Recover was able to trace and recover my crypto assets successfully within 24hours. Thank you for your service in helping me recover my $647,734 worth of crypto funds and I highly recommend their recovery services, they are reliable and a trusted company to any individuals looking to recover lost money. Contact email [email protected] OR Telegram @Capitalcryptorecover Call/Text Number +1 (336)390-6684 his contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1
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Kim Li
10/12/2025 09:16:49 am
I'm writing this to inform people about Coin Hack Recovery. Look no farther if you ever require hacking services. I lost about $10,000 USD in bitcoin, which put me in a tight spot. I was inconsolable and believed that I had reached my lowest moment, with no possibility of getting my money back. Everything changed drastically when I discovered Coin Hack. The company intervened and promptly helped me get my full refund. Their services are highly recommended, and they promise the utmost satisfaction to their client's. You can reach them on : coinhackrecovery (@) gmail .com for a help if you are having issues of scam.
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Robert Alfred
10/14/2025 01:31:09 am
CRYPTO SCAM RECOVERY SUCCESSFUL – A TESTIMONIAL OF LOST PASSWORD TO YOUR DIGITAL WALLET BACK.
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Kim Li
10/21/2025 01:54:12 am
I'm writing this to inform people about Coin Hack Recovery. Look no farther if you ever require hacking services. I lost about $10,000 USD in bitcoin, which put me in a tight spot. I was inconsolable and believed that I had reached my lowest moment, with no possibility of getting my money back. Everything changed drastically when I discovered Coin Hack. The company intervened and promptly helped me get my full refund. Their services are highly recommended You can reach them on : coinhackrecovery (@) gmail .com for a help if you are having issues of scam.
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Mai Nguyen
10/21/2025 07:03:21 pm
We worked really hard to keep our relationship growing in the right direction, to organize creative Facetime date nights and continue getting to know each other. Eventually we decided to intentionally make the choices that would bring us back together. A year and a half later, and here we are, newly living together in our beloved city of Madrid. I was able to track his phone activities using ZATTECHHACKER @ gmail com Totally untraceable, cheap and anonymous. Let him know I referred you.
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Patricia Lovick
10/23/2025 09:08:18 am
How To Recover Your Bitcoin Without Falling Victim To Scams: A Testimony Experience With Capital Crypto Recover Services, Contact Telegram: @Capitalcryptorecover
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Christopher Lund
11/4/2025 05:10:57 pm
A few months ago, I faced a distressing situation after investing $160,550 in cryptocurrency. What began as an exciting venture turned into a nightmare when I couldn’t withdraw my coins. Despite numerous attempts to resolve the issue with the platform's support, I hit dead ends and vague responses. Frustrated and fearing I might lose my investment, I researched recovery options and came across MBcoin Recovery Group, known for helping individuals in similar situations. Initially skeptical of trusting a third party, I was reassured by their professionalism and positive testimonials. From our first contact, their team showed expertise and empathy, explaining my withdrawal issues and outlining a clear recovery process. Throughout the journey, MBcoin Recovery Group addressed my questions and kept me updated. Their meticulous methods helped me successfully recover my coins after weeks of uncertainty. This experience taught me the importance of due diligence in cryptocurrency and the value of expert assistance. If you're facing similar challenges, I highly recommend MBcoin Recovery Group. Their expertise can help you reclaim what’s rightfully yours. Contact them via
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Laura Dave
11/8/2025 04:11:28 pm
My name is Laura Dave. I reside in Miami, Florida. I invested a substantial amount of $216,500 in cryptocurrency, believing that my initial investment had grown significantly to $381,550. This rapid increase in just a few weeks felt incredibly rewarding and promising. However, when I decided it was time to retire and attempted to withdraw my funds, my withdrawal request was denied. It was at that moment I realized I might never recover my money. Determined not to lose my investment, I reached out to MBCOIN RECOVERY GROUP for assistance. They guided me through a structured recovery process, which included the following steps: First, I provided them with detailed information about my investment, including transaction records, account details, and any communication with the cryptocurrency platform. Next, their team conducted a thorough investigation to trace the funds and identify any fraudulent activities. They then collaborated with legal and financial experts to build a case for recovery. Finally, through persistent efforts and negotiations, MBCOIN RECOVERY GROUP successfully helped me recover my funds. For anyone facing similar issues, I recommend contacting MBCOIN RECOVERY GROUP via their email for professional assistance.
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Wendy Taylor
11/15/2025 03:15:04 pm
My name is Wendy Taylor, I'm from Los Angeles, i want to announce to you Viewer how Capital Crypto Recover help me to restore my Lost Bitcoin, I invested with a Crypto broker without proper research to know what I was hoarding my hard-earned money into scammers, i lost access to my crypto wallet or had your funds stolen? Don’t worry Capital Crypto Recover is here to help you recover your cryptocurrency with cutting-edge technical expertise, With years of experience in the crypto world, Capital Crypto Recover employs the best latest tools and ethical hacking techniques to help you recover lost assets, unlock hacked accounts, Whether it’s a forgotten password, Capital Crypto Recover has the expertise to help you get your crypto back. a security company service that has a 100% success rate in the recovery of crypto assets, i lost wallet and hacked accounts. I provided them the information they requested and they began their investigation. To my surprise, Capital Crypto Recover was able to trace and recover my crypto assets successfully within 24hours. Thank you for your service in helping me recover my $647,734 worth of crypto funds and I highly recommend their recovery services, they are reliable and a trusted company to any individuals looking to recover lost money. Contact email [email protected] OR Telegram @Capitalcryptorecover Call/Text Number +1 (336)390-6684 his contact: [email protected] His website: https://recovercapital.wixsite.com/capital-crypto-rec-1
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DedicationHRNK staff members and interns wish to dedicate this program to our colleagues Katty Chi and Miran Song. Categories
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