Tag: elliptic

A recent investigation by crypto-tracing firm Elliptic has exposed the extensive reach of the "pig butchering" crypto scam industry, facilitated by a Cambodian platform linked to the country's ruling family. The platform, Huione Guarantee, has been identified as a central hub for tools and services enabling these scams, including deepfake technology, victim data, and even devices used for human trafficking.

Blockchain security and compliance firm Elliptic has provided an update on the $100 million stolen from Atomic Wallet, implicating the Lazarus Group, a North Korean hacking collective, as the likely perpetrators behind the attack. The group allegedly used the Russian-based crypto exchange Garantex, which is under U.S. sanctions, to launder the stolen assets. Lazarus evidently managed to find alternative ways to convert its assets into Bitcoin.

The U.S. Department of Treasury ’s Office of Foreign Assets Control (OFAC) sanctioned crypto mixer Tornado Cash saying it laundered more than $7 billion of cybercrime proceeds since its creation in 2019. Crypto asset mixers are designed to obscure funds trails by blending someone’s tokens with a pool of other individuals’ assets on the platform. The U.S. government says Tornado Cash fosters illicit activity. The Tornado Cash website is offline!

In its press release of 19 October 2018, the Financial Action Task Force (FATF) calls on its members to...