The Financial Action Task Force (FATF) has asked North Korea to safeguard the international financial system from the continuous assault on it through money laundering. North Korea, however, has shown no signs of stopping and carry on exploiting cryptocurrencies as a weapon against the exchanges of South Korea, and in the process promoting scams, crypto-jacking and crypto-mining.

North Korea has been a hub to multiple money laundering scams in the last few years. The US government lately took action against Chinese nationals for working along with hackers from North Korea who were state-backed. The hackers stole millions of virtual currency from cryptocurrency.

Blockchain Forensic firm. Ciphertrace has published a<a href="https://ciphertrace.com/chinese-linked-dprk-laundering-analysis/"> report</a> detailing every move of the hackers and how they stole such a massive amount from several banks and cryptocurrency exchanges.

Ciphertrace suggests that the hackers used the “peel chains” to create a cover over their huge crypto-deposits. The peel chain process helps the criminal in avoiding the unwanted attention they might usually be exposed to when they make such a huge deposit. The two other exchange hacks that happened using peel chain process are thought to be carried out by North Korea too, according to the report.

The investigation suggests that the hackers would be interlinked with the Lazarus hackers, which carried out the Sony Breach of 2014, attack on wanna cry in 2017 and the Bithumb cryptocurrency exchange hack of $7 million.
<h2>The KYC Loopholes Were Targeted Massively- Ciphertrace</h2>
Ciphertrace report concluded that the loopholes in KYC were exploited by the use of fake documents and modified photos to dodge the KYC procedures at several exchanges, so the pair of Tian and Li were able to fool the exchanges in KYC dealings.

Kaspersky labs published a report regarding how the Lazarus group deployed “enhances capabilities, to attack cryptocurrencies. The Fake website, ID’s and the old tricks in the book of hacking, fake trading groups on Telegram in relation with these fake website were put up.

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Hackers Used Peel Chains Tricks to Target Exchanges-Ciphertrace

CipherTrace reports suggest how North Korea is exploiting the loopholes in exchanges to promote crypto scams, agaisnt its fierce enemy, South Korea.

Zain is a fervid fan of bitcoin and has been meticulously covering the field for a fair amount of time now. An aficionado of Spider man, Liverpool and Slim Shady.

Hackers Used Peel Chains Tricks to Target Exchanges-Ciphertrace

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