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

What is Sui Network (SUI)?

This article aims to offer insights into Sui and examine its historical price fluctuations using price analysis , charts , and technical indicators . Our goal is to determine support and resistance levels while providing guidance for investors in making informed trading decisions. What is Sui and Features Sui (SUI) is a cutting-edge blockchain platform that aims to offer fast , private , secure, and inclusive digital asset ownership . It provides a Tier-1 infrastructure where smart contracts can be created and executed efficiently . Sui ‘s primary focus lies in optimizing low-latency transfers and ensuring instant transaction finality . One of the key features of Sui is its ability to achieve “horizontal scaling” through a technique called “transaction parallelization.” This innovative approach enables independent transaction types to undergo “parallel consensus,” allowing for efficient verification by Sui nodes . By organizing data as separate objects , each transaction can be verifie...
Post a Comment
Read more

Bitget Sees Surge in Latin American Users Amidst Regulatory Pressure on Binance and Coinbase

Bitget is experiencing a significant increase in new accounts in Latin America with the region witnessing a surge in users following regulatory lawsuits against major competitors Binance and Coinbase . Latin American Users Flock to Bitget The popular crypto exchange Bitget has reported a 43% rise in new user registrations in Latin America from June 6 to 9 which surpasses the daily averages . The growth is particularly remarkable in Brazil and Argentina where the market share has expanded significantly . Brazil saw a 54% surge in new clients which was accompanied by a 208 % increase in total deposits . Meanwhile Argentina witnessed a 33% rise in its customer base with an 87 % growth in funds that are deposited . Bitget also operates in other Latin American countries such as Venezuela, Colombia and Mexico and has seen its total deposits in the region increase by 134 % in recent days . FOR MORE INFO:  https://coinindexnews.com/bitget-sees-surge-in-latin-american-users-amidst-regulator...
Post a Comment
Read more

North Korean Hackers Launder Money Through Cloud Mining

Hackers and cybercriminals, who are often responsible for the most vicious hacks, serve as a stark reminder of the critical importance of our digital security. One of the most notorious groups is the North Korean hacker army, which has conducted numerous cyberattacks and is engaged in a global cyberwar. Another group, known as APT43, has come under close scrutiny for allegedly laundering stolen funds into clean bitcoins using a cloud mining service. Recent analyses have shed new light on their activities.
Post a Comment
Read more