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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.

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