The Lazarus Group, known for major cyberattacks, uses THORChain to launder over $240 million, raising concerns in the DeFi security domain.
Laundering Details
According to Arkham, Lazarus-linked wallets moved over $240 million in ETH through THORChain, converting it into Bitcoin (BTC). This method makes it difficult for law enforcement to track transactions as the funds are distributed across various wallets.
THORChain: Security Concerns
THORChain allows asset swaps across blockchains without user identification, attracting both legitimate users and bad actors. The absence of built-in KYC requirements makes the platform a hotspot for money laundering and illegal activities. This raises concerns about security in the decentralized finance (DeFi) world.
THORChain Features for Users
THORChain allows users to track and calculate taxes on cross-chain swaps. The CryptoTax platform now supports THORChain, facilitating accurate tax reporting for users engaged in swaps and other decentralized activities.
The use of THORChain by the Lazarus Group underscores the risks associated with decentralized exchange platforms. Security and regulation become critical issues needing attention from both users and authorities.
