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Cryptocurrency expert gets five years in North Korea sanctions case

BySheldon Wong

Apr 29, 2022
North Korea Crypto

Cryptocurrency expert gets five years in North Korea sanctions case

People can get information about anything they desire just with one click on their phones in this digital era. The advent of technology has been like a two-edged sword; it can be helpful and harmful at the same time. Gaining knowledge about cryptocurrencies is personally helpful, but using it with the wrong motive can be detrimental. One such recent incident which created a wave in the cryptocurrency world is when a cryptocurrency expert was sentenced to 5 years for trying to help his nation escape from the US sanctions. Here we take you through the timeline of events.  

Beginning  

It all started when an expert aged around 40 decided to misuse cryptocurrency by using it to feel independent from the global banking system. It is worth mentioning that the person who was actively involved in this was not someone illiterate. He had a piece of in-depth knowledge about cryptocurrencies and information technology. He was a hacker by profession who then used his powers in the wrong ways. Owing to the nature of a nation like North Korea, several countries have imposed severe sanctions on this country to ensure the safety of their nation. Both North Korea and the United States strive to keep their foreign relations peaceful, yet incidents like these spoil everything as they have to start from square one.  

Events 

Organizing the conference

Now we come to the details about what happened. A few years ago, the United States imposed a few sanctions on North Korea and the citizens traveling to the US. These orders were to be religiously followed, let alone breaking them. Firstly, the man tried to reach the US to present a conference to the masses about cryptocurrencies. His requests were repeatedly rejected. So, he decided to organize a conference in his own country even after the rejection by the United States. Organizing a conference is not a crime, but we have to be cautious of what we speak at a conference as the masses are getting influenced by it. 

Speaking at the conference

Through the conference, the lawbreaker tried to influence people who were working for the North Korean government to use cryptocurrency as an aid to avoid the global banking system. He preached about independence from the traditional banking method. As it is said, with fame comes responsibility, he was not cautious about what he spoke, which landed him in this situation. Several masses almost believed him as he was an expert in this sector.  

Additional information  

Upon investigation by the US government, people found out that he also built an infrastructure and equipment related to cryptocurrency. He was ready for his mission to convince and act along with the whole nation. All of his plans crumbled as he was accused of guilty at the right time.  

This incident denotes that no matter how smart you are, you will end up on the wrong side if you do not follow some rules. The offender was an expert and a technology scientist as he was the creator of WikiScanner, which scanned people who edited information on Wikipedia pages. The tremendous knowledge and skill he possesses cannot be ignored. Nevertheless, using your skills for the right cause can simultaneously help you cherish your life and taste success.  

Sheldon Wong

Sheldon was a contributor on DMR. He has since left the team to pursue his career in the Insurance industry.