Crypto laundering is a complex process, especially for hacking groups like Lazarus. We explore their strategies and implications for the industry.
Lazarus Group's Crypto Laundering Strategy
According to Eric Wall, the Lazarus Group executes a multi-stage process to convert stolen cryptocurrency into fiat. It starts with swapping ERC-20 tokens for Ether (ETH), followed by converting ETH to Bitcoin (BTC), which is then cashed out through Asian exchanges into Chinese Yuan.
Why Laundering Takes So Long
Crypto laundering takes years due to blockchain transparency, exchange KYC/AML requirements, liquidity constraints, and evolving tracking technologies. These factors complicate and prolong the process.
Impact on the Crypto World
Lazarus Group's actions drive the crypto industry to increase security awareness, emphasize compliance, and continue developing analytics tools to combat crime.
Lazarus Group's long-term crypto laundering strategy highlights the need for international cooperation to combat cybercrime and improve security measures in the crypto industry.
