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North Korea making billions from stolen cryptocurrency

abc.net.au

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Re: North Korea making billions from stolen cryptocurrency

#21

Post by phoe-krk »

gambiting wrote: post #16
LudwigNagasena wrote: post #14

Earlier quoted context omitted.

You can make money from stealing anything of value. What is strange about it?

Normally if you stole euros you wouldn't need to first sell them for dollars to get value out of them. Cryptocurrencies are not currencies, not any more than rare postage stamps are.

> Normally if you stole euros you wouldn't need to first sell them for dollars to get value out of them.

I can't pay with dollars in most of the shops in Poland. According to your logic, a dollar isn't a currency, not any more than rare postage stamps are.

Or, in other words - why and how do currency exchanges exist, then? They literally sell and buy different kinds of money.

Re: North Korea making billions from stolen cryptocurrency

#22

Post by 2Gkashmiri »

puchatek wrote: post #7
2Gkashmiri wrote: post #6

Earlier quoted context omitted.

doesnt US hold like billions of dollars worth of bitcoin and other crypto that have been "siezed" over time? 'when' US sells these, wouldnt it be making a profit from stolen crypto?

Are you talking about crypto assets seized from criminals? Because it should be obvious that that's completely different from a state-run worldwide hacking operation.

no. gains from holding on to assets as opposed to disposing off the siezed assets at market value at the spot.

Re: North Korea making billions from stolen cryptocurrency

#23

Post by LudwigNagasena »

gambiting wrote: post #16
LudwigNagasena wrote: post #14

Earlier quoted context omitted.

You can make money from stealing anything of value. What is strange about it?

Normally if you stole euros you wouldn't need to first sell them for dollars to get value out of them. Cryptocurrencies are not currencies, not any more than rare postage stamps are.

Not really sure what point you are trying to argue. I think I’m missing the crucial importance of the implied consequence of “cryptocurrencies are/aren’t currencies therefore…”

I don’t see any importance of that label beyond arbitrary tax implications. So to me that question seems as important as “Is hot dog a sandwich?”

Re: North Korea making billions from stolen cryptocurrency

#24

Post by schleck8 »

lrvick wrote: post #19
romwell wrote: post #12

Earlier quoted context omitted.

Crypto is a form of asset, not currency. We just use the wrong word for it.

To you maybe. I regularly buy things with it.

Can you disclose three of the types or products you buy with it without going to jail though?

Re: North Korea making billions from stolen cryptocurrency

#25

Post by wodenokoto »

Since the ledgers are public, how difficult is it to black list individual bitcoins?

E.g, have the feds do a public list of blacklisted coin ids and simply say that accepting these coins is against whatever compliance is necessary for a business to operate crypto in the USA and Europe.

Then when some realestate agency is about to sell an apartment in Dubai for bitcoins they’re gonna be “no, not those. We can add them to our coin base” or whatever.

I get that all countries that don’t care about the black list can continue trading, but those coins still have smaller demand and thus smaller value.

Re: North Korea making billions from stolen cryptocurrency

#27

Post by misnome »

gambiting wrote: post #16
LudwigNagasena wrote: post #14

Earlier quoted context omitted.

You can make money from stealing anything of value. What is strange about it?

Normally if you stole euros you wouldn't need to first sell them for dollars to get value out of them. Cryptocurrencies are not currencies, not any more than rare postage stamps are.

You kind of would? For any non-minor amount you’d surely have to find some way to launder them, which almost certainly would’t give you a 1:1 return.

Doesn’t make **coins currencies though.

Re: North Korea making billions from stolen cryptocurrency

#28

Post by resolutebat »

GartzenDeHaes wrote: post #20

No evidence is presented that North Korea was involved.

This is not new news, and the role of North Korean hackers in cybercrime is well documented.

https://www.trmlabs.com/post/inside-north-koreas-crypto-heis...

https://go.chainalysis.com/rs/503-FAP-074/images/Crypto_Crim...

Re: North Korea making billions from stolen cryptocurrency

#29

Post by numpad0 »

gambiting wrote: post #16
LudwigNagasena wrote: post #14

Earlier quoted context omitted.

You can make money from stealing anything of value. What is strange about it?

Normally if you stole euros you wouldn't need to first sell them for dollars to get value out of them. Cryptocurrencies are not currencies, not any more than rare postage stamps are.

Agreed in principle, but I'm guessing one could argue that stolen money has to be laundered before being used.

Re: North Korea making billions from stolen cryptocurrency

#30

Post by Scoundreller »

romwell wrote: post #13
Scoundreller wrote: post #11

Earlier quoted context omitted.

NK needs to pass some laws making crypto wallets outside of NK illegal. Then it can all be categorized under asset seizure.

>NK needs to pass some laws making crypto wallets outside of NK illegal. Then it can all be categorized under asset seizure. Sure, it would be seizure anywhere they have jurisdiction. Which isn't anywhere outside NK, rendering that point moot.

You’re overthinking this.

Just need to pass a law and then anything on the internet anywhere is fair game.

https://www.securityweek.com/fbi-gchq-get-foreign-hacking-au...

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