Analysts bust Russian launderer moving crypto for North Korea

Argentine authorities have arrested a Russian citizen for laundering millions of dollars in cryptocurrency linked to North Korea’s Lazarus Group.

Argentine authorities have arrested a 29-year-old Russian national, uncovering a multimillion-dollar money laundering operation in the country.

The suspect is accused of laundering illicit cryptocurrencies from North Korea’s Lazarus Group, among other criminal organizations, according to a report by blockchain analytics firm TRM Labs. The investigation uncovered a complex web of transactions across multiple blockchains and assets, involving more than 2,400 crypto transfers on the TRON network, equating to more than $4.5 million worth of USDT.

The thread laundered funds from North Korean threat actors and other cybercriminals | Source: TRM Labs

During the operation, authorities seized more than $120,000 in cryptocurrencies and an additional $15 million from other properties controlled by the suspect. According to local news reports, the scheme used a Telegram bot to convert Russian rubles, stablecoins, euros and US dollars into Argentine pesos.

The investigation, launched in November 2023 by the San Isidro Special Financial Unit of Cybercrime Investigations and led by Prosecutor Alejandro Musso, revealed that part of the $100 million stolen in the Harmony Bridge attack was transferred to a crypto wallet in Argentina.

It was stated that the suspect carried out numerous transactions both domestically and abroad through Binance accounts, and that this situation pointed to a complex network involving Russian and Argentinian operations.

The investigation coincides with Binance’s recent moves to boost its compliance efforts following a $4.3 billion settlement with the U.S. Department of Justice and other authorities. As Crypto.news previously reported, the exchange plans to increase its workforce by 1,000 new employees, 20% of whom will go into compliance roles by the end of 2024.