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Category — Crypto Exchange
Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

Bitcoin Forensic Analysis Uncovers Money Laundering Clusters and Criminal Proceeds

May 01, 2024 Financial Crime / Forensic Analysis
A forensic analysis of a graph dataset containing transactions on the Bitcoin blockchain has revealed clusters associated with illicit activity and money laundering, including detecting criminal proceeds sent to a crypto exchange and previously unknown wallets belonging to a Russian darknet market. The  findings  come from Elliptic in collaboration with researchers from the MIT-IBM Watson AI Lab. The 26 GB dataset, dubbed  Elliptic2 , is a "large graph dataset containing 122K labeled subgraphs of Bitcoin clusters within a background graph consisting of 49M node clusters and 196M edge transactions," the co-authors  said  in a paper shared with The Hacker News. Elliptic2 builds on the  Elliptic Data Set  (aka Elliptic1), a transaction graph that was made public in July 2019 with the goal of  combating financial crime  using graph convolutional neural networks ( GCNs ). The idea, in a nutshell, is to uncover u...
Founder of Bitzlato Cryptocurrency Exchange Pleads Guilty in Money-Laundering Scheme

Founder of Bitzlato Cryptocurrency Exchange Pleads Guilty in Money-Laundering Scheme

Dec 08, 2023 Cryptocurrency / Cyber Crime
The Russian founder of the now-defunct Bitzlato cryptocurrency exchange has pleaded guilty, nearly 11 months after he was  arrested in Miami  earlier this year. Anatoly Legkodymov (aka Anatolii Legkodymov, Gandalf, and Tolik), according to the U.S. Justice Department, admitted to operating an unlicensed money-transmitting business that enabled other criminal actors to launder their illicit proceeds. He faces up to five years in prison. "Legkodymov operated a cryptocurrency exchange that was open for business to money launderers and other criminals,"  said  Acting Assistant Attorney General Nicole M. Argentieri of the Justice Department's Criminal Division. "He profited from catering to criminals, and now he must pay the price. Transacting in cryptocurrency does not put you beyond the reach of the law." Bitzlato, which served as a safe haven for fraudsters and ransomware crews such as  Conti , is estimated to have received $2.5 billion in cryptocurrency bet...
4 Ways to Keep MFA From Becoming too Much of a Good Thing

4 Ways to Keep MFA From Becoming too Much of a Good Thing

Feb 11, 2025IT Security / Threat Protection
Multi-factor authentication (MFA) has quickly become the standard for securing business accounts. Once a niche security measure, adoption is on the rise across industries. But while it's undeniably effective at keeping bad actors out, the implementation of MFA solutions can be a tangled mess of competing designs and ideas. For businesses and employees, the reality is that MFA sometimes feels like too much of a good thing. Here are a few reasons why MFA isn't implemented more universally. 1. Businesses see MFA as a cost center MFA for businesses isn't free, and the costs of MFA can add up over time. Third-party MFA solutions come with subscription costs, typically charged per user. Even built-in options like Microsoft 365's MFA features can cost extra depending on your Microsoft Entra license. Plus, there's the cost of training employees to use MFA and the time IT takes to enroll them. If MFA increases help desk calls, support costs go up too. While these expenses are far less t...
N. Korean Hackers 'Mixing' macOS Malware Tactics to Evade Detection

N. Korean Hackers 'Mixing' macOS Malware Tactics to Evade Detection

Nov 28, 2023 Malware / Cyber Espionage
The North Korean threat actors behind macOS malware strains such as RustBucket and KANDYKORN have been observed "mixing and matching" different elements of the two disparate attack chains, leveraging RustBucket droppers to deliver KANDYKORN. The  findings  come from cybersecurity firm SentinelOne, which also tied a third macOS-specific malware called ObjCShellz to the RustBucket campaign. RustBucket  refers to an  activity cluster  linked to the Lazarus Group in which a backdoored version of a PDF reader app, dubbed SwiftLoader, is used as a conduit to load a next-stage malware written in Rust upon viewing a specially crafted lure document. The  KANDYKORN campaign , on the other hand, refers to a malicious cyber operation in which blockchain engineers of an unnamed crypto exchange platform were targeted via Discord to initiate a sophisticated multi-stage attack sequence that led to the deployment of the eponymous full-featured memory resident remote ac...
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