"North Korea and Russia Launder Billions in Virtual Assets via China"

JH Kim

Summary

A blockchain analysis firm revealed that North Korea and Russia are laundering billions of dollars in virtual assets through China.
The report emphasized the need for discussions on Chinese money laundering organizations, stating that money laundering is impossible without the Chinese underground banking network.
Despite the Chinese government's crackdown on money laundering, illegal virtual asset businesses are thriving.

Blockchain analysis firm TRM Labs recently reported that countries such as North Korea, Mexico, and Russia are laundering billions of dollars in virtual assets (cryptocurrencies) through China.

On the 17th (local time), according to virtual asset specialist media Decrypt, the report stated, "Most criminal organizations using virtual assets cannot conduct money laundering without the help of the sophisticatedly constructed Chinese underground banking network," emphasizing the need for discussions on Chinese money laundering organizations rather than viewing these crimes as isolated threats.

The report also pointed out, "Although Reuters reported that the Chinese government has begun cracking down on money laundering related to virtual assets, we are skeptical," adding, "Despite being a police state with a strong surveillance system, illegal businesses continue to thrive."