How Binance became a hub for hackers, fraudsters and drug sellers

2022-06-06 Reuters

https://www.reuters.com/investigates/special-report/fintech-crypto-binance-dirtymoney/

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Reuters found that Lazarus used Binance accounts to launder part of the roughly $5.4 million stolen from the Slovakian exchange Eterbase in September 2020. Account records shared with Slovak police reportedly showed the hackers created at least two dozen anonymous Binance accounts and began trading stolen crypto within minutes, using only encrypted email addresses for identification. The article links the Eterbase theft to a broader pattern of Lazarus cryptocurrency heists that U.S. officials said helped fund North Korea’s weapons programs, and also notes separate Lazarus-linked transfers to Binance after a later $600 million crypto-game theft. The reporting matters for DPRK tracking because it shows how weak exchange onboarding and transaction-monitoring controls could enable North Korean operators to convert and obscure stolen virtual assets.

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