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SWIFT and BAE Systems divulge crypto laundering tricks

crypto laundering

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TL;DR

The popular financial firm, SWIFT has partnered up with British intelligence outfit, BAE Systems to give a detailed report into crypto laundering activities by hackers.

According to the study released by (British Aerospace) BAE Systems and Society for Worldwide Interbank Financial Telecommunication (SWIFT), the process of crypto laundering is very technical and requires high-level knowledge to pull it off. In the study which was dubbed ‘follow the money’, the firms discussed how hackers carry out sophisticated crypto laundering activities. 

The firm also made mention of hackers using the normal wire transfer method to launder their ill gotten cash. However, few methods are used by high-grade hacking groups like the Lazarus hacking group which has been rumored to have affiliation with the current government of North Korea.

Lazarus group use a crypto laundering process known as layering

The Lazarus Group is said to use one of the most technical processes of crypto laundering known as the layering technique to move digital assets before the withdrawal. In this technique. The report states that the group moves the digital assets through different digital assets exchanges before the final withdrawal

To make the withdrawal a success, the hackers always have their inside man who assists them with a promise to get a little out of the stolen assets. To make this a reality, the facilitators would move the stolen assets through different addresses in a bid to eliminate the originating address.

Facilitators are the key members of the hacking group

In the research statement that was submitted, it noted that the facilitators are the key members of the gang as they have the most responsibility to facilitate the crypto laundering activities. 

These facilitators usually need to open different bank accounts which have links to different digital asset exchanges to aid the conversion from crypto to cash. So as not to arouse suspicion, the facilitators use other means to move the assets like facilitating the transfer of Bitcoin into prepaid gift cards which will eventually be used to buy digital assets. New reports are making the rounds that the Lazarus group is now using a popular professional medium, LinkedIn to gain access into exchanges databases.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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