September 10, 2020
A majority of money laundering criminals still prefer stealing in the form of cash rather than Bitcoin (BTC) and other cryptocurrencies, a recent report says.
Until now, the money laundering activities by cybercriminals remain a critical threat; this has caused a sizeable dent on the global economy. This statement is according to a new research report published by British defense and aerospace company BAE Systems on behalf of the global financial messaging services supplier SWIFT.
“The activities of all cyber-criminals, whether working individually, as part of a small gang, as organized crime groups, or even for a nation state, have resulted in annual total cyber-crime revenue estimated at USD 1.5 trillion.”
In contrast to the fear that cryptocurrencies are an easier way for ordered crime groups to move and liquidate embezzled funds, SWIFTS notes that cryptocurrencies’ role is miniature than cash.
“Identified cases of laundering through cryptocurrencies remain relatively small compared to the volumes of cash laundered through traditional methods.”
Even though the part of cryptocurrencies in money laundering is minimal, there are remaining concerns that some cryptocurrencies’ emerging security features could still bring a threat.
“The raft of alternative cryptocurrencies that offer greater anonymity, as well as services like mixers and tumblers that help obscure the source of funds by blending potentially identifiable cryptocurrency funds with large amounts of other funds, could boost the appeal of cryptocurrency for nefarious purposes.”
SWIFT singled out one major North Korean cybercrime group, the Lazarus Group. In June 2018, the group orchestrated a massive cyberattack and made off $30 million worth of crypto assets. Also, Lazarus moved 2,000 BTC to a cryptocurrency exchange over four days, 68 transactions.
In the past, SWIFT has singled out a major North Korean cybercrime group, Lazarus. In June 2018, the group coordinated a significant cyberattack and made off $30 million worth of crypto assets. Furthermore, Lazarus moved 2,000 BTC to a cryptocurrency exchange over a four-day section, which involved 68 transactions.