Monero (XMR) | Why North Korea's Obsessed with it

“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?

[cents]

I'm no criminal, I just value privacy

[sebp]

The king in the shadows. Make crypto scary again. Monero

[joeldoxtator]

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.

[picopalqueleectm]

"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.

[WitchMedusa]

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.

[strawberrychocolatefudge]

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?

[miltonacevedo]

This is the best video I've ever seen about monero.
Congratulations for gathering this information and sharing it so clearly!

[WitchMedusa]

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.

[TheSuperbrandon]

Excellent video. Now bullish on Monero going to infinity if BTC also goes to infinity

[mclaz]

5:46 is FUD. The mining rewards go to zero in a 100 years from now

[spacemeter]

Thank you for this video!

Very cool!

[hutlazzz]

argument against monero are same argument against bitcoin back in 2011. I turn xmr maximalist two last year after 10 year in crypto

[LilShawtyWood]

I’m tired of the “tack criminal activity” bs is spewing! 🤦🏾‍♂️ THEY DO NOT CARE ABOUT CRIMINAL ACTIVITIES! THEY CARE ABOUT CONTROL!

[daviddimalanta]

Interesting. XMR has connection to BTC? And, XMR is one of the successors of BTC aside XRP?

[visco]

I'm afriad quantum computing may be an issue for monero in the future. I do love XMR though.

[grenville-sq]

Thanks for the analysis! I have a quick question: I have a SafePal wallet with USDT, and I have the seed phrase. (air carpet target dish off jeans toilet sweet piano spoil fruit essay). How can I transfer them to Binance?

[whodis]

I'm sorry but did you just say "due to bitcoins open source nature it's actually relatively easy to trace transactions..."?

[mattymarkets]

20 minutes is the longest amount of time it takes to confirm, and depending on the amount, you don't need all 10 confirmations to ensure finality but great video otherwise

[glaxglax]

At approx 1:30, you say Bitcoin isn't anonymous, because it's open source, this isn't true. Monero is open source as well.

[oooboo]

would you rather be totally controlled in some form of social credit system digital dollar system or use Monero