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

Cointelegraph

Published Aug 07, 2020 06:06AM ET

Updated Aug 07, 2020 07:40AM ET

North Korea-based cybercriminals are suspected to be using untraceable alternative cryptocurrencies, or altcoins, to convert stolen funds 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According to an NK News report, an unpublished United Nations Panel of Experts report states that North Korea-backed hackers have stolen approximately $1.5 billion in cryptocurrencies and they were converting a portion of that amount into cash.

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