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this is what it looks like when #NorthKorea launders stolen crypto (through services created or funded by Trump friendly broligarchs like #MarcAndreessen).
#LazarusGroup is hands down best in class at this. They have no serious competition. Iranian and Russian crypto launderers are rank amateurs in comparison.
#Elliptic's overview of how the steps of this process work these days is pretty good.
https://www.elliptic.co/blog/bybit-hack-largest-in-history
@cryptadamist This is what it looks like when crooks don't know about Monero
@dragonsidedd uh, did you look at the evidence? they're literally swapping ETH into #Monero as fast as they can.
@cryptadamist Nope, only looked at the graph which tells me there's an open ledger *somewhere* ;)
And yeah this is why I am never swapping surveillance coins for my untaintable Monero -- suckers are getting tainted stolen ETH
@dragonsidedd they stole $1.4 billion worth of ETH, so they're starting on the open ledger. their goal is to swap out to XMR or ZEC (or IRL cash) as much as possible. the rest they will leave as ETH or BTC until they need it later.
@cryptadamist @dragonsidedd the article only says they're moving everything to ETH and BTC.
@hyc @dragonsidedd yeah sorry, i shouldn't have been rude about it. SlowMist has claimed there's XMR swapping too.
thing is that realistically there's not much XMR swap liquidity available at any given time and they are trying to launder $1.4 billion worth of ETH so it's not a very large % of the total.
@cryptadamist @hyc
> there's not much XMR swap liquidity
Like I said, crooks really don't understand crypto (well, those that do, push shitcoins like DOGE and DASH that are not fit for purpose)
I'm very grateful they don't; it would be bad publicity for XMR if it was the only currency accepted for ransomware
> "Like I said, crooks really don't understand crypto"
what? i would argue that north korea / lazarus group understands every aspect of crypto far better than any other group walking the earth.
they're better at the engineering, better at the social dynamic, better at the geopolitical part - literally better than any other team on the planet at every part except bribing american politicians. it's not even close.
> "I'm very grateful they don't; it would be bad publicity for XMR if it was the only currency accepted for ransomware"
you can thank Garantex for the fact that bitcoin is still accepted for ransomware, but over time that will shift more and more towards monero (esp. if there is a rapprochement between Putin & Trump)