Xinbi Guarantee linked to North Korean crypto laundering

What happened

A Chainalysis investigation reported that hackers linked to North Korea used the shadow platform Xinbi Guarantee to launder tens of millions of dollars in stolen cryptocurrency.

About $24 billion reportedly passed through the platform. Its vendors offered stolen data, ways to bypass checks and infrastructure for malicious activity: an ecosystem of services supporting illicit operations.

What followed

Xinbi Guarantee came under US OFAC and UK sanctions. The US Department of Justice seized infrastructure and froze $52 million. Disrupting the platform removes a route through which North Korean hackers could convert stolen funds.

Why it matters

Stealing cryptocurrency is only half the problem. Laundering it requires exchanges, intermediaries, shadow markets and illegal services. The investigation identified Xinbi Guarantee as one such node.

Combating these operations means targeting the infrastructure as well as the hackers themselves.

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