A North Korean university may be piling up bitcoin through a Monero mining application, says a January 8th Reuters report from Seoul. According to a cybersecurity company which has been investigating the application, it contains software that seems to be installing code for mining the cryptocurrency. Mined Monero coins are then being channelled to a server at Kim Il Sung University in North Korea. Among escalating threats of NK hacking attacks into SK cryptocurrency exchanges, this may be another sign that North Korea is seeking new ways to inject cash into its struggling economy.

A California-based cybersecurity firm, AlienVault, has been examining the new program, which was only created on Christmas Eve, and suggests that cryptocurrencies could offer the country a financial lifeline. Many countries, including Russia and Venezuela, have been hit hard by economic sanctions, and are looking to digital currencies as a way out of the financial mess.

Kim Il Sung University has not commented so far on the matter, nor were North Korean officials available for comment. Concern has been expressed by other cybersecurity companies, including those in South Korea, who consider cryptocurrencies to be the best means of earning foreign currency for North Korea in its present situation.

Monero is particularly attractive as a digital asset, because funds are far less traceable than bitcoin, with every separate payment sent to an unlinkable, one-time-only, random number address.