Yesterday the United States Department of Justice revealed the connection of 280 crypto accounts to hackers involved in North Korean multibillion-dollar cryptocurrency thefts and laundering networks.
280 crypto accounts linked to illegal activity
Basically, yesterday 280 cryptocurrency accounts that are used for illegal activities were identified.
Accordingly, a forfeiture complaint was filed with the United States District Court for Internal Revenue Service (IRS) Authorities, Federal Bureau of Investigation, and Immigration and Customs Enforcement to obtain possession of the identified accounts.
According to the report, cryptocurrency accounts were used for the first time in July 2019. At which point hackers stole approximately $ 272,000 worth of crypto.
They also noted that, in subsequent investigations, they found that those funds were laundered by being converted into other cryptocurrencies.
However, this does not end here. Prosecutors noted that there was a second attack where the hackers came away with bigger loot. Yes, they made $ 2.5 million worth of crypto in September 2019.
According to published information, the attackers used approximately 100 accounts on a crypto exchange to launder the money obtained in the theft.
The researchers found that Chinese traders participating in an OTC from an unidentified crypto exchange were key players in laundering the funds.
So, according to the statement, these are the same actors who laundered funds for North Korea in a massive hack in 2018.
Despite the highly sophisticated laundering techniques used, the IRS-CI Cyber Crimes Unit was able to successfully trace the stolen funds directly to North Korean actors.“Said Don Fort, IRS Chief of Criminal Investigation.
The situation with North Korea has become increasingly complicated. In fact, in March 2019, the UN estimated that between January 2017 and September 2018, hackers by North Korea stole $ 571 million in cryptocurrencies.
The functionality of cryptocurrencies is great for hackers and mainly for North Korea. The reason is how easy it can be to launder money in crypto and, in the face of economic sanctions, they function as an escape route.
It should not be surprising that malicious activity exists in the crypto market, it would be strange if it did not exist.
However, you have to start taking action and, just yesterday, Binance announced an integration aimed at combating illegal activity in the crypto market.
So, as the crypto market comes together with the goal of reducing the amount of illegal activity in the market, the crypto industry will see rapid adoption.
Will we be able to defeat the evildoers? We want to know your opinion!