Source: https://www.linkedin.com/feed/update/urn%3Ali%3AugcPost%3A6887790921849597954
Over $10 billion lost to ‘DeFi’ #Scams and #Thefts in 2021: $2.8 billion by Rug Pull Developers Stealing Investors Money & Disappearing: https://lnkd.in/eSdqfCwd
DeFi Crypto Currency Money Laundering Networks & Methods: https://lnkd.in/ek4pgvXc:
$2.2 billion in cryptocurrency stolen from DeFi platforms in 2021:
https://lnkd.in/e5r6PnPK: Chainalysis Inc. data shows that about $2.2 billion was outright stolen from DeFi protocols in 2021. As of 2022, Chainalysis estimated that illicit addresses currently hold at least $10 billion worth of #cryptocurrency, with most held by wallets implicated in #cryptocurrency #theft, #darknet markets and #scams. Chainalysis researchers found that cybercriminals brought in 82% more in revenue from scamming last year, raking in $7.8 billion in cryptocurrency from victims. Within that $7.8 billion, Chainalysis discovered $2.8 billion that came from rug pulls wherein developers create seemingly legitimate cryptocurrency projects before stealing investor money and disappearing.
Why #DeFi used in #Crypto #Currency #Money #Laundering? DeFi platforms like DEXs provide #liquidity for a wide range of ERC-20 #tokens and #altcoins that may not otherwise be convertible into #cash. When DPRK #swaps these coins for #ETH or #BTC they become much more liquid, and a larger variety of #mixers and #exchanges become usable. What’s more, #DeFi platforms don’t take #custody of user funds and many do not collect know-your-customer (#KYC) information, meaning that cybercriminals can use these platforms without having their #assets frozen or their identities exposed.
Why #mixers used in #Crypto #Currency #Money #Laundering? DPRK is a systematic money launderer, and their use of multiple mixers —software tools that #pool and #scramble #cryptocurrencies from thousands of addresses—is a calculated attempt to obscure the origins of their ill-gotten cryptocurrencies while offramping into fiat.
#Coinswap, #mix, #consolidate, cash out: How North Korea-linked hackers laundered $91 million after the Liquid.com hack: On August 19th, 2021, #cryptocurrency #exchange Liquid.com announced that an unauthorized user had gained access to some of the #cryptocurrency #wallets managed by Liquid. The night before, 67 different ERC-20 #tokens, along with large quantities of #Ether and #Bitcoin, had been moved from these #wallets to addresses controlled by a party working on behalf of DPRK.
This is especially true for #APT 38, also known as “Lazarus Group”. #LazarusGroup first gained notoriety from its #Sony Pictures [ https://lnkd.in/gyQSx6n ] and #WannaCry #cyberattacks, but it has since concentrated its efforts on #cryptocurrency #crime—a strategy that has proven immensely profitable.
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