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Chainalysis revealed in its annual report that the Bitcoin mixer YoMix has been used by North Korean Lazarus Group hackers to launder stolen cryptocurrency. Last year, crypto laundering activity fell from $31.5 billion in 2022 to $22.2 billion due to the sanctioning or shutting down of Tornado Cash and Sinbad mixing services.
Lazarus’s New Scheme Revealed
Part of this decline can be attributed to the overall drop in crypto transaction volume amidst the bear market of 2023. However, the decrease in money laundering activities was higher at 29.5% compared to the 14.9% reduction in total transaction volume. YoMix recorded tremendous growth in 2023, with inputs increasing more than fivefold throughout the year. The report included the following statement:
“Approximately one-third of all YoMix inputs came from wallets associated with crypto hacks. YoMix’s growth and adoption by the Lazarus Group demonstrate the sophisticated actors’ ability to adapt and find alternative concealment services when popular ones are shut down.”
North Korean hackers also adapted different concealment techniques by using cross-chain bridges to transfer crypto across various blockchain networks. Lazarus helps finance North Korea’s missile program through these hacking activities.
Celsius Distributes $2 Billion to Creditors
According to a court filing by Chicago-based law firm Kirkland & Ellis, which advises the bankrupt crypto company Celsius, the firm distributed $2 billion worth of crypto to creditors.
While US creditors received crypto distributions via PayPal, Coinbase served overseas owners. The law firm confirmed the transfer of crypto worth $2 billion, including 20,255.66 Bitcoin and 301,338.77 Ethereum. The filing stated that creditors who did not accept Celsius’s restructuring plan would not receive any funds until their claims were resolved.
Crypto-Friendly President Takes Office
Prabowo Subianto, a former Indonesian defense minister, and his crypto-friendly running mate Gibran Rakabuming Raka are set to take office as the country’s likely next president and vice president, respectively. The report suggested that Gibran, the son of incumbent President Joko Widodo, is likely to help increase the country’s crypto-friendly policies in a nation with more registered crypto investors than stock investors.
During the campaign, Gibran expressed his desire to help create blockchain and crypto experts in a country that already has 18 million crypto investors.
