Skip to main content

North Korea’s New Move: Hackers Utilize DeFi To Launder Money

The US Treasury has found that North Korean hackers and fraudsters are leveraging decentralized financing gaps to launder money and conceal illegal activity. According to a study issued on Thursday, North Korean hackers and other illicit organisations have taken advantage of certain DeFi systems’ noncompliance with anti-money laundering standards.
According to the research, inadequate or non-existent AML/CFT controls for DeFi services in other countries, as well as insufficient cybersecurity controls for DeFi services, result in these devastating money thefts.

The Hackers Utilize DeFi Platforms

The 40-page research claims, among other things, that “crowdfunding platforms frequently do not employ anti-money laundering and anti-terrorist financing procedures or other consumer identification measures.” According to the research, several crowdfunding service initiatives purposefully omitted AML/CFT safeguards in order to achieve their decentralized aims.
According to the Treasury, “most money laundering and terrorist financing operations in terms of transaction volume and value are conducted in fiat currency or outside of the digital asset ecosystem.” Authorities advocate for more anti-money laundering and anti-terrorist funding regulatory control of DeFi platforms, as well as the closure of regulatory loopholes.

Comments

Post a Comment

Popular posts from this blog

Hex Price Prediction

HEX cryptocurrency is an innovative financial instrument launched on the Ethereum network on December 2, 2019. HEX uses blockchain technology. It aims to replace certificates of deposit, which are popular in traditional financial markets. This allows it to function as a store of value. Hex is also an ERC-20 token. Certificates of deposit are financial products that provide investors with interest earnings over a certain period of time and repay the principal at maturity. HEX brings this idea to the cryptocurrency world, allowing users to utilize their investments for the long term and earn interest. HEX’s blockchain-based structure aims to provide the reliability and transparency of traditional financial products. HEX tokens are traded by locking users in for a certain period of time and earning interest at maturity. This system helps to incentivize investors to think long-term and helps to steadily increase the value of HEX tokens. Furthermore, because HEX tokens run on the Ethereum n...
Post a Comment
Read more

Vidycoin (VIDY) Coin Weekly Analysis And Price Prediction

This article will cover the special features of the VIDY coin and provide a technical analysis of the currency on CoinMarketCap.com . Information will be provided on how and where you can buy VIDY coins . Our technical analysis will be based on weekly candlestick charts . Investors will be able to use our weekly assessments where they will have the opportunity to manage their portfolios according to opportunities and risks . What is VIDY Coin? Vidy Coin aims to reintegrate a user base of 600 million people who currently employ ad blockers by implementing a decentralized and innovative approach to video advertising . By leveraging the Ethereum blockchain , Vidy has developed an inventive one-page invisible embedding layer for videos . This layer incorporates tracking technology,enabling an accounting system that measures the duration of ad views. As a result publishers and users are rewarded with VidyCoins , received from advertisers as part of the VidyCoin payment for displ...
Post a Comment
Read more

Telegram Raises $270 Million in Bonds for Growth and Profitability

Pavel Durov’s Telegram has announced that it issued $270 million in bonds this week to fund its growth until it achieves profitability. The move is intended to provide the necessary funding to bring the company closer to the break-even point . With this bond issuance Telegram is aiming to guarantee its development and secure the resources needed for its expansion . Bonds vs. Shares: The Reasoning Behind Telegram’s Choice Telegram’s decision to issue bonds instead of shares is due to the significant rise in interest rates beginning from 2021 . By going for bonds the company can benefit from a different issue price and tap into the pool of interested investors. Bonds offer a promise of repayment of interest and serve as a loan contracted with investors who believe in the companys potential. FOR MORE INFO:  https://fincurrency.net/telegram-raises-270-million-in-bonds-for-growth-and-profitability
Post a Comment
Read more