Argentinian authorities have arrested a 29-year-old Russian national for money laundering, uncovering a multimillion-dollar operation tied to North Korea's Lazarus Group and other criminal entities.
Arrest and Investigation
According to a report from blockchain analytics firm TRM Labs, the suspect is accused of laundering illicit cryptocurrency from North Korea’s Lazarus Group. The investigation revealed a complex web of transactions across multiple blockchains and assets, involving over 2,400 transfers amounting to more than $4.5 million worth of USDT on the TRON network.
Seized Funds and Techniques
During the operation, authorities seized over $120,000 worth of crypto and an additional $15 million from other properties controlled by the suspect. According to local news reports, the scheme utilized a Telegram bot to convert Russian rubles, stablecoins, euros, and U.S. dollars into Argentine pesos.
Additional Transactions and Binance Measures
The investigation, initiated in November 2023 by the San Isidro Specialized Fiscal Unit in Cybercrime Investigations and led by Prosecutor Alejandro Musso, discovered that a portion of the funds stolen in the Harmony Bridge hack had flowed into a crypto wallet in Argentina. The suspect also conducted numerous transactions through Binance accounts both domestically and internationally, suggesting a complex network involving both Russian and Argentine operations.
The investigation aligns with Binance's recent moves to enhance its compliance efforts. The platform plans to boost its workforce by 1,000 new employees, with 20% going to compliance roles.
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