The British multinational security company BAE Systems and the Society for worldwide interbank financial telecommunications (SWIFT) published a report that shows how cyber criminals recycle cryptocurrencies.
According to the study Follow the money, Cases of cryptocurrency laundering remain relatively small compared to the huge amounts of money laundering that are laundered using traditional methods such as bank transfers.
However, there are some notable examples: The report deals with the money laundering methods used by the Lazarus Group, a well-known group of hAckers funded by the North Korean regime. Lazarus usually steals money from an exchange and then begins transacting transactions through various other portals using a technique called “Layering“.
The hackers employ accomplices from East Asia who receive part of the stolen money to help with the washing operations. The study shows how these third parties transfer cryptocurrencies via numerous addresses to which they own “Hide the origin of the funds”::
“The accomplices are transferring some of the money they receive through new bank accounts linked to their account on the exchange. This enables conversion from cryptocurrency to fiat. Other stolen funds could be transferred to Bitcoin via prepaid gift cards at Use other exchanges to buy more BTC. ”
Cointelegraph reported this recently Lazarus has reportedly attacked well-known names in the cryptocurrency and blockchain world by picking targets through the premier corporate social network, LinkedIn.