North Korea has started using nearly untraceable cryptocurrencies to convert stolen funds into cash and evade sanctions, according to an unpublished U.N. Panel of Experts report obtained by NK News. Experts estimate that hackers linked to the DPRK stole a total of $1.5 billion in cryptocurrency, some of which was exchanged for cash.
According to the report, “DPRK cyber actors have engaged in trading multiple forms of virtual currency, to include the use of several forms of alternative coins (‘altcoins’).” Altcoins are virtual currencies that are less popular than Bitcoins, but offer benefits like increased anonymity or faster transfers.
North Korea has started using nearly untraceable cryptocurrencies to convert stolen funds into cash and evade sanctions, according to an unpublished U.N. Panel of Experts report obtained by NK News. Experts estimate that hackers linked to the DPRK stole a total of $1.5 billion in cryptocurrency, some of which was exchanged for cash.
According to the report, “DPRK cyber actors have engaged in trading multiple forms of virtual currency, to include the use of several forms of alternative coins (‘altcoins’).” Altcoins are virtual currencies that are less popular than Bitcoins, but offer benefits like increased anonymity or faster transfers.
Become a member for less
than $5.75 per week.
-
Unlimited access to all of NK News: reporting, investigations,
analysis
-
The NK News Daily Update, an email newsletter to keep you in
the loop
-
Searchable archive of all content, photo galleries, special columns
-
Contact NK News reporters with tips or requests for reporting
Get unlimited access to all NK News content, including original reporting,
investigations, and analyses by our team of DPRK experts.
Subscribe
now
All major cards accepted. No commitments – you can cancel any time.