Money Laundering Activity Spread Across More Service Deposit Addresses in 2023, Plus New Tactics from Lazarus Group

2024-02-15 Chainalysis

https://www.chainalysis.com/blog/2024-crypto-money-laundering/

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Chainalysis reported that illicit addresses sent $22.2 billion in cryptocurrency to services in 2023, with centralized exchanges still serving as the main fiat off-ramp and money laundering becoming less concentrated at the deposit-address level. The Lazarus-relevant portion notes that North Korean hacking groups use a wider mix of crypto services and protocols than less sophisticated actors, making their laundering flows more diffuse. The report also observed increased bridge use from addresses associated with stolen funds, a trend that affects investigations into hack proceeds. For DPRK-focused tracking, the finding is that disrupting a single mixer or off-ramp is less likely to cover the full laundering path when actors shift across bridges, DeFi, gambling services, exchanges, and intermediary wallets.

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