Kim Jong Un Gets Approved For Crypto Account Online

No, Kim Jong-Un did not get approved for a crypto account online, but someone using his name (to prove a point) did, according to Crypto Slate. A “sleuth” known as ZachXBT was testing the claim that crypto exchanges provide security for accounts, especially when funds are stolen. 

The misconception is a crypto account is tied to someone’s real identity. But ZachXBT bypassed the “Know Your Customer” (KYC) protocols and applied for a account with the name Kim Jong-Un. He reportedly posted a screenshot of his success and his ability to trade on the exchange with the account.

The account was reportedly allowed to withdraw up to 100,000 USDT per day. ZachXBT does not clarify how he was cleared by the KYC-1 basic verification system or if he falsified identification credentials. Users in the comments noted that a person’s IP address is likely still associated with the account so if they had stolen funds, they would still be able to be tracked.  

ZachXBT also said that he made an account with the name “Jack Hoff” and other names that were cleared, including email addresses like “harmonyhacker” and “lazaruslover.” The latter refers to the North Korean hacker and scammer group, “The Lazarus Group.” 

In 2022, the group stole $625 million in cryptocurrency, which reportedly went down as the largest cyber heist on record. Many countries allegedly use hacker teams to procure information or to sabotage, but North Korea uses them to make money. 

Cryptocurrency exchanges have reportedly implemented the KYC-1 system to comply with requirements from the Financial Action Task Force (FATF), but critics argue that the system does little for protection because it is easily bypassed. The system also restricts more people from taking part in cryptocurrency. 

The sensitive information of customers is not protected when bad actors can easily go around safety protocols.