North Korea Launders Billions in Stolen Crypto

How does North Korea launder its crypto loot? Each time the Hermit Kingdom successfully hacks a company or protocol — like when it pillaged $1.5 billion from crypto exchange Bybit on Feb. 21 — it faces the significant challenge of offramping its assets. Story continues Don't miss another story. Subscribe to the State of Crypto Newsletter today . See all newsletters Sign me up By signing up, you will receive emails about CoinDesk products and you agree to our terms of use and privacy policy . It cannot simply send the funds to a major exchange like Binance or Coinbase, because such firms implement Know-Your-Customer (KYC) checks and work in conjunction with law enforcement agencies to freeze illegally-obtained funds as soon as they’re deposited on their platforms. Instead, North Korea uses a well-developed network of over-the-counter (OTC) brokers to launder the stolen funds, according to Ari Redbord, global head of policy at blockchain analytics firm TRM Labs. “They'll look to exc ... Read full article.