Altcoins Talks - Cryptocurrency Forum

Crypto Discussion Forum => Cryptocurrency discussions => Topic started by: sirty143 on August 07, 2020, 03:13:13 PM

Title: North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash
Post by: sirty143 on August 07, 2020, 03:13:13 PM

North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash

(https://i.imgur.com/2zuVAxUl.jpg)

North Korean hackers are reportedly using untraceable altcoins to convert stolen cryptocurrencies into cash. According to an NK News report, an unpublished United Nations Panel of Experts report states that North Korea-backed hackers have stolen approximately $1.5 billion in cryptocurrencies... See more for yourself here (https://cointelegraph.com/news/north-korea-reportedly-using-altcoins-to-convert-15b-in-stolen-funds-to-cash).

Your opinion is greatly appreciated.

Title: Re: North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash
Post by: masterrex on August 07, 2020, 05:29:33 PM

Quote from: sirty143 on August 07, 2020, 03:13:13 PM

North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash

(https://i.imgur.com/2zuVAxUl.jpg)

North Korean hackers are reportedly using untraceable altcoins to convert stolen cryptocurrencies into cash. According to an NK News report, an unpublished United Nations Panel of Experts report states that North Korea-backed hackers have stolen approximately $1.5 billion in cryptocurrencies... See more for yourself here (https://cointelegraph.com/news/north-korea-reportedly-using-altcoins-to-convert-15b-in-stolen-funds-to-cash).

Your opinion is greatly appreciated.

Another Bad publicity of crypto Industry specially those privacy focus platforms, I hope it will not create a domino effect on other cryptocurrencies because It might derail the train bound for mainstream cryptocurrency adaptation thats why I agree that its better to regulate the space to control and avoid those incidents to happen.

Title: Re: North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash
Post by: Alcor on August 07, 2020, 08:09:49 PM

Similar cases of cryptocurrency theft by hackers will always occur. Here the situation differs in that hackers use the resources and capabilities of the state. And this means that it will be almost impossible to bring them to justice and return the stolen goods.
In order to prevent the laundering of stolen cryptocurrencies using coins with a high level of anonymity, it seems that states will restrict or even ban the circulation of such cryptocurrencies.

Title: Re: North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash
Post by: NihonShoki on August 08, 2020, 05:58:42 AM

Once the attacker has a hot wallet's password and private key, they can control what comes in. Although transactions made using blockchain-based digital currencies are posted to a public ledger, criminals can use sophisticated coin-mixing services to steal money. This makes it difficult to recover stolen money.

Title: Re: North Korea Reportedly Using Altcoins to Convert $1.5B in Stolen Funds to Cash
Post by: TomPluz on August 08, 2020, 07:08:14 AM

Stealing exists everywhere online and offline. With the coming of cryptocurrency, we should not be wondering if many will also be using the technology as opportunity to capitalize on their creative prowess to hack and steal. Right now, there is no effective mechanism to stop these evil people to do whatever they wanted to do so we might as well expect this problem to be a perennial one.