Chainflip Bridge Struggles to Block North Korean Hackers from Laundering Money, Transfer Tracking Lags Behind

Yuxian, the founder of Slow Mist, stated that the Chainflip bridge is working hard to block North Korean hackers from laundering money, but anti-money laundering and on-chain transfer tracking (AML/KYT) technology is lagging behind the speed at which hackers launder money. Money laundering groups use automated methods to disperse funds in large quantities, utilizing various bridges for cross-chain transfers. If funds are flagged or blocked, they will immediately attempt other laundering paths, ultimately converting to BTC and obfuscating the laundering on the Bitcoin network through CoinJoin. This money laundering operation is continuously evolving.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.