BTC PULSE
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
Play Now
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise
No Result
View All Result
BTC PULSE
No Result
View All Result
Play Now
Home Blockchain

North Korean Hackers Leverage Russia-Based Exchanges for Crypto Laundering

by Dan K
Sep 15, 2023 - 4:00 pm
in Blockchain
Illustration of a digital currency symbolizing Russia's new crypto-based cross-border settlement initiative.

Growing Collaboration between DPRK Hackers and Russian Exchanges

In an alarming development, North Korean hacker groups have been intensifying their use of Russia-based crypto exchanges to launder stolen cryptocurrencies. As international monitoring of DPRK’s on-chain crimes tightens, the hackers have found solace in Russian services, employing them actively since 2021 for laundering purposes.

Recent Developments Unveiled by Chainalysis

On September 14th, blockchain forensics firm Chainalysis revealed in a blog post that nearly $22 million in crypto, pilfered from the Harmony Protocol in June 2022, had been moved to a Russia-based exchange notorious for facilitating illicit transactions. The Harmony Protocol had been exploited for approximately 100 million in cryptocurrencies earlier.

While the exchange remains unnamed, Chainalysis maintains that there is substantive evidence pointing to the active utilization of Russian services by DPRK entities for laundering cryptocurrency over the past two years. They emphasized, “This latest action marks a significant escalation in the partnership between the cyber underworlds of these two nations.”

Mounting Concerns Over Russia’s Non-Cooperation

A significant cause for concern is Russia’s stance of non-cooperation with international law enforcement agencies, which severely diminishes the prospects of recuperating the stolen cryptocurrencies once they enter the Russian exchanges. The hackers have adopted a strategy of dispersing the illicit crypto into different deposit addresses at one particular Russia-based exchange, thereby complicating tracking efforts.

The Role of the Lazarus Group and Garantex Exchange

Earlier in June 2023, blockchain analysis firm Elliptic identified the notorious Lazarus Group, affiliated with North Korea, as being involved in transferring crypto assets stolen from the Atomic Wallet to Garantex, an exchange facing OFAC sanctions. Despite the gravity of the accusations, Garantex has refrained from making any public comments on the incident to date.

Conclusion

The emerging trend of DPRK hacker groups leaning on Russian exchanges to launder stolen cryptocurrencies marks a dangerous escalation in the cyber underworld dynamics of the two nations. As international agencies grapple with this rising threat, the need for decisive action and coordinated efforts becomes increasingly pressing to curb the proliferation of such illicit partnerships. The global community awaits responses and measures from pertinent bodies to tackle this daunting challenge effectively.

Tags: ExchangeHackKoreaRussia
Dan K

Dan K

Dan K, the chief editor, is a visionary wordsmith, shaping narratives with finesse. His discerning eye for detail creates literary masterpieces.

Related Posts

Polymarket logo on digital background after US regulators end probes

US Justice Department and CFTC Close Polymarket Investigations

July 15, 2025

US regulators have reportedly ended their investigations into Polymarket, clearing a path for the betting platform’s upcoming $200M...

China’s financial authorities evaluate launching yuan-backed stablecoins through state-owned entities

China Considers Yuan-Pegged Stablecoins: State-Owned Firms Ordered to Study Feasibility

July 15, 2025

China instructs state-owned firms to explore yuan-pegged stablecoins, hinting at a softening stance as global stablecoin adoption rises.

Exterior of the Czech National Bank building representing its new investment strategy including crypto assets

Czech Central Bank Enters Crypto with Coinbase Stake, Expands Palantir Holdings

July 13, 2025

Czech National Bank adds Coinbase to US portfolio, signaling crypto interest, while expanding Palantir stake amid AI investment...

Changpeng Zhao, Binance co-founder, reacts to Bloomberg’s Trump stablecoin claims

Binance’s CZ Threatens to Sue Bloomberg Over Trump Stablecoin Report

July 12, 2025

CZ denies ties to Trump-backed stablecoin USD1, slams Bloomberg report as defamatory, and warns of legal action over...

Press Releases

png 115

BTC Miner: Earn $100-$100,000 Daily – The Fastest Growing Crypto Mining Platform of 2025!

June 25, 2025

BTC Miner, the fastest growing platform in 2025, opens a new era of inclusive cryptocurrency mining, allowing everyone to participate...

image2

Could XYZVerse Overtake DOGE and SHIB? Analysts Say $0.003333 Could Explode to $10!

March 30, 2025

XYZVerse aims to outpace DOGE and SHIB, with bold $10 price goals, strong community rewards, and rising demand as it...

image1 1

Massive Institutional BTC Buys Could Launch the Next Bull Market: 5 Altcoins to Watch

March 29, 2025

Institutional Bitcoin buys may trigger a market surge. Five altcoins, including $XYZ, stand to gain—early investors could see major ROI...

image1

XRP Faces Strong Resistance While XYZVerse Gains Early Investor Attention With 10 Billion $XYZ Airdrop

March 28, 2025

XRP struggles at resistance, while XYZVerse grabs early investor attention with a 10B token airdrop and rapid growth toward a...

View All
BTC-Pulse LogoTransparent

© 2024 BTC-PULSE. Disclaimer: The content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice.

News

  • Altcoins
  • Bitcoin
  • Ethereum
  • NFT
  • Regulation
  • WEB 3.0

Info

  • Learn
  • Price Prediction
  • Events
  • Press Releases
  • Sitemap

Company

  • About Us
  • Terms of Service
  • Privacy Policy
  • Contact Us
  • Advertise

©2024 BTC-PULSE – All right Reserved.

No Result
View All Result
  • News
    • Altcoins
    • Blockchain
    • Bitcoin
    • Ethereum
    • NFT
    • Regulation
    • WEB 3.0
  • Price Prediction
  • Learn
  • Events
  • Advertise