[Analysts uncover Russian money launderers transferring cryptocurrency to North Korea]
Argentinian authorities have arrested a Russian man linked to North Korea's Lazarus Group on suspicion of laundering millions of dollars through cryptocurrency. The 29-year-old suspect is accused of laundering money for multiple criminal organizations, involving more than 2,400 cryptocurrency transfers with a total value of more than $4.5 million, primarily on the TRON network, according to a report by blockchain analytics firm TRM Labs.
Authorities seized more than $120,000 worth of cryptocurrency and seized $15 million from assets controlled by the suspects. The money laundering scheme reportedly used Telegram bots to convert Russian rubles, stablecoins, euros and U.S. dollars into Argentine pesos.
The investigation was launched in November 2023 by prosecutor Alejandro Musso in San Isidro, who discovered that some of the funds stolen in the Harmony Bridge hack flowed into cryptocurrency wallets in Argentina. The suspects also conducted numerous transactions through Binance accounts, revealing a complex network involving Russia and Argentina.
The investigation is consistent with Binance’s recent efforts to strengthen compliance. Binance plans to hire 1,000 new employees by the end of 2024, 20% of which will be focused on compliance roles.
