Bitcoin

A study lifts the veil on a huge crypto-scam organized by two Chinese

An office of cyber security has just raised the mystery on one of the biggest scams in history. In fact, CipherTrace has recently published an analysis in order to detail the way in which two chinese nationals have managed to launder more than $ 100 million in crypto-currencies.

A mystery solved

The office of cyber security CipherTrace would have identified Yinyin Jiandong and Li Jiandong as two fraudsters who have managed to launder more than $ 100 million stolen through schemes well developed.
The two crypto-scammers would be able to transfer small quantities in crypto-currencies through technology “peel one Chain”. Through this modus operandis, they would have been able to run on the long-term without arousing the suspicion of the regulators. In the details, Yinyin and Li Jiandong have used several crypto-wallets to move around the 100.5 million of the crypto-currency stolen to crypto-exchanges.
The two fraudsters would be associated to a group of crypto-hackers koreans who would be at the origin of several hacks at the international level.

“The hacking of crypto-exchanges and virtual currency, and money laundering that follows for the benefit of actors in north korea are a serious threat to the security and integrity of the global financial system,” said u.s. attorney Timothy J. Shea.

Techniques well-oiled

Thanks to techniques well known, both chinese nationals, reportedly managed to thwart the recognition process customer (KYC) done by the crypto-exchanges. In fact, the two men would have taken on false identities to register on these platforms.
In this regard, they would have presented the identification cards belonging to a South Korean and a German. However, the photos displayed on the id cards would be from images photoshopées.
In the Face of the resurgence of crypto-scams and in light of the investigation revealed by CipherTrace, the u.s. government decided to exercise repression on the illegal transactions in crypto-currencies.
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Jeremiah Faber

Jeremiah Faber

Jeremiah is an explorer by heart – both in the physical and the digital realm. A traveler, Jeremiah continues to visit new places throughout the year in the physical world, while in the digital realm has been instrumental in a number of Kickstarter projects. Technology attracts Jeremiah and through his business acumen has gained financial profits as well as fame in his business niche.