North Korea now using untraceable cryptocurrency for sanctions evasion



News North Korea now using untraceable cryptocurrency for sanctions evasion Cyber groups linked to DPRK hide illicit trade and cash out stolen funds via ‘altcoin’ transfers, Panel of Experts finds Nils Weisensee August 7, 2020 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON NK News 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using nearly untraceable cryptocurrencies to convert stolen funds into cash and evade sanctions, according to an unpublished U.N. Panel of Experts report obtained by NK News.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using nearly untraceable cryptocurrencies to convert stolen funds into cash and evade sanctions, according to an unpublished U.N. Panel of Experts report obtained by NK News.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. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

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North Korea now using untraceable cryptocurrency for sanctions evasion

Cyber groups linked to DPRK hide illicit trade and cash out stolen funds via ‘altcoin’ transfers, Panel of Experts finds

Nils Weisensee August 7, 2020

North Korea now using untraceable cryptocurrency for sanctions evasion

NK News

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.