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North Korea: new strategies in cryptoasset laundering

Advanced concealment strategies for illicit funds in the cryptocurrency industry

North Korean hacking groups are using new crypto mixing techniques to hide the origin of stolen funds, increasing attacks on exchange platforms. These methods threaten the security of the crypto industry, but the IT community struggles to counter them.

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North Korea-linked hacker groups are implementing new methods to launder stolen cryptocurrencies by leveraging a mixing service, the "Yomix Tumbler." This obfuscation process allows them to conceal the illicit origin of the funds before reinjecting them into the legitimate financial circle. YoMix's Tumbler, a lesser-known platform than other mixing services, offers threat actors additional obscurity, making their illicit activity harder for surveillance authorities to detect.

Increased attacks against exchange platforms

According to analyzes conducted by the authorities, an increase in cyber attacks against cryptocurrency exchange platforms has been noted. North Korean cybercriminals, through sophisticated operations, manage to remove large quantities of digital assets. This increase highlights the need for strengthened security systems and greater vigilance towards digital transactions to effectively prevent and counter these threats.

Impact of money laundering in the crypto sector

Cryptocurrency laundering actions negatively impact the integrity of the digital financial ecosystem. Such practices not only encourage tax evasion and illicit financing, but also affect investor confidence and the stability of cryptocurrencies. It is vital that crypto exchanges adopt rigorous compliance measures, such as Know Your Customer (KYC) and Anti-Money Laundering (AML) checks, to mitigate the risk associated with these illicit activities.

Response from the IT community and authorities

The IT community and financial authorities are responding with advanced technologies and international cooperation to combat digital money laundering. Implementing blockchain tracking and analytics algorithms, along with strengthening regulations, are crucial steps to detect and thwart illicit capital flows. The investigations and lawsuits resulting from such efforts represent a key deterrent against hacking operations linked to rogue states such as North Korea.

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02/16/2024 15:18

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