Aug 7, 2020 12:54 UTC
Aug 7, 2020 at 12:54 UTC
North Korea Allegedly Using Altcoins to Alter $1.5B in Stolen Funds to Cash
North Korean hackers are supposedly using untraceable altcoins to convert stolen cryptocurrencies into cash. North Korea-based cybercriminals are supposed to be using undetectable alternative cryptocurrencies, or altcoins, to convert stolen funds into cash. Rendering to an NK. News statement, an unpublished United Nations Panel of Experts report, mentions that North Korea-based hackers have stolen around $1.5 billion in cryptocurrencies, & they were converting a portion of that amount into cash.
Using Altcoins, Mixers & Slackly Controlled Exchanges:
The hackers intentionally transact using privacy-fixated altcoins as they are hard to trace & track, moving the stolen assets to slackly controlled cryptocurrency exchanges that have minimal customer ID necessities. The UN experts supposedly state that the North Korean hackers try to make their funds untraceable using “mixers,” a progressive service that blends cryptocurrency funds of various users to preserve privacy & make tracking exertions more problematic.
“North Korea-sponsored actors have a critical advantage that most cybercriminals do not have: They are backed by the resources of a nation-state that is understood to already have significant capability to move money in other illegal transactions, such as weapons sales and human trafficking.” -said Senior analyst, Cybersecurity Firm Mandiant Threat Intelligence, Fred Plan.
North-Korea is severely tangled in stealing cash & cryptos
North Korea is supposed to conduct numerous virtual heists and stealing funds worth billions of dollars. One of the utmost infamous North Korean cybercriminal groups, Lazarus reportedly stole over $571 million between 2017 & 2018. As Cointelegraph reported in 2018, North Korea-backed hacks accounted for more than 65% of stolen cryptocurrencies.
In 2019, an additional UN report quoted by Reuters also estimated that North Korea had stolen almost $2 billion in cash cryptocurrencies through cyberattacks to fund its nuclear program.