The British Multinational Security Firm has released a statement explaining how cybercriminals launder digital currencies. Although money laundering issues with cryptocurrency are still bare minimum compared to the amounts laundered through the fiat means. However, this doesn't mean crypto laundering doesn't exist, there are few instances, and the report explains the tactics and antics used by a renowned cybercrime gang in North Korea called Lazarus.
The hacker steals from a cryptocurrency exchange and then transfer the funds through various exchanges. The cybercrime gang also employs facilitators who receive a percentage of the stolen currency to assist in the laundering process. They transfer the funds across different addresses in order to conceal the origin of the funds.
