Altcoins for North Korea to Convert Stolen Funds

Colin Baseman

What is now happening in the Asian continent might be of great interest to the majority of people dealing with cryptocurrencies. News agencies announce that North Korea has been using altcoins – their main purpose was to convert more than one billion USD in stolen funds and cash the money out. Hackers seemed to have been utilizing altcoins that are not traceable. They mainly wanted to convert stolen crypto assets into cash.

Cybercriminals who are located in North Korea are accused of using crypto – they have managed to convert big sums of money they had stolen and then cash them out. As several newsreports announce, unpublished specialists’ research states that hackers have stolen one billion five hundred million USD in crypto.

Also, the criminals succeeded in converting a part of the total sum into cash. In such instances, cybercriminals opt for exchanges that are loosely regulated. Many of such groups prefer altcoins and mixers.

Analysts say that attackers deliberately transact utilizing altcoins because they fully understand that the system cannot trace them or track the funds. Then the criminals can transfer money across loosely regulated exchanges. As sources claim, there are several exchanges that have insufficient requirements for customer identification.

Hackers New Approaches and Tricks

Experts announce that hackers from North Korea have been trying to remain untraceable using the so-called ‘mixers’. This is an advanced service that allows users to mix crypto funds of different accounts to stay private. No doubt, this trick makes tracking much more challenging for the system.

Cybersecurity representatives say that the Korean hackers have a dramatic advantage that the rest of the cybercriminals might not be aware of. First, there are resources that can back them. There are major differences and significant capabilities that allow users to transfer funds in other transactions that are illegal. This includes such crimes as human trafficking and weapons trade.

North Korea, as numerous participants admit, is greatly involved in stealing cryptocurrencies and cash. The country is accused of performing hundreds of virtual heists. There are numerous groups that steal funds and this is how they manage to earn billions of dollars.

For instance, the crypto community still remembers Korean group Lazarus – the scheme helped hackers to steal more than five hundred and seventy-one million USD throughout two years. Recent statistics illustrate that two years ago the country sponsored hack attacks that involved hundreds of cybercriminals – unfortunately, all of them account for over sixty-five percent of stolen cryptocurrencies.

Researchers refer the audience tomaterials that show the most relevant information. As we can see, last year North Korea stole approximately two billion USD in cash as well as in cryptocurrencies. Most of these cases are linked to cyber-attacks. Specialists reveal that the stolen funds were used to provide financial support to the country’s nuclear program.