North Korean Hackers Use Complex Scheme to Launder Millions of Stolen XRP Tokens

XRP Token


IMPORTANT POINTS:

  • North Korean hackers launder millions of stolen XRP tokens in complex schemes.
  • Stealthy movements through blockchain platforms and fast conversions.
  • Experts estimate the conclusion of activities in the XRPL soon.

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Recently, significant details have been revealed about the ongoing manipulation of millions of stolen XRP tokens. According to reports from Xrplorer and XRP Forensics, North Korean hackers are carrying out a sophisticated plan to avoid detection and launder illicit funds. By using a series of strategic steps and the collaboration of centralized and decentralized blockchain platforms, the perpetrators have managed to move funds in a stealthy manner.

The plan designed by the culprits has been meticulously executed, based on a thorough analysis of the situation. In the first phase, the stolen funds have been consolidated into amalgamation accounts, where they have been pooled in a central account. The funds have subsequently been transferred to the Orbit bridge, facilitating a smooth transition to the Klaytn blockchain. 

At this stage, the stolen XRP has been exchanged for KLAY before being converted to ETH, finding its way onto the Avalanche platform. In order to make tracing even more difficult, the stolen funds have been exchanged for BTC and eventually moved to the Bitcoin network.

According to experts, it is estimated that around 14 million XRP tokens have already been processed through the mentioned bridge. With just four million tokens remaining, the culprits are expected to wrap up their XRPL activities by the end of the day. It is important to highlight the complexity of this process, which has been carried out with precision to avoid detection.

The recent theft of millions of XRP tokens by North Korean hackers has shown their cunning and ability to evade security systems. By using a strategic plan and leveraging different blockchain platforms, they have managed to mix and launder the stolen funds effectively. Although tracing and recovering the funds can be challenging, experts continue to closely monitor these illicit transactions to take appropriate action. 

It is essential that the players in the cryptocurrency ecosystem strengthen their security measures and collaborate in the fight against cybercrime to protect users and preserve the integrity of the market.