Chinese Black Market Fuels Global Crypto Crime
- North Korean hackers stole $1.4 billion in Ethereum from Bybit.
- Chinese underground banks launder crypto for various criminal groups.
- TRM Labs highlights Chinese triads as key players in crypto laundering.
- Sinaloa Cartel relies on Chinese networks to convert stablecoins like USDT.
- U.S. law enforcement criticized for not addressing Chinese money laundering networks.
Research indicates that major criminal organizations, such as North Korean hackers and the Sinaloa Cartel, depend on sophisticated Chinese black-market banking networks to launder billions in cryptocurrency. TRM Labs identifies these operations as critical to the global illicit use of digital assets.
Source (2.6)https://decrypt.co/315275/china-mafia-crypto-crime-north-korea-mexican-cartels-trm?rand=52368
