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Many people believe that the world of digital currencies is a real paradise for cybercriminals. Say, with the help of cryptocurrency, it is easier to launder money after hacking banks. However, SWIFT officials say this is a myth.
The role of “virtual money” in cybercrime is surprisingly small. Much more often and on a much larger scale, cybercriminals use traditional methods of money laundering.
Shell companies, money mules, cash, investments and investments are all more to the liking of cybercriminals.
Nevertheless, SWIFT described several examples of money laundering using cryptocurrencies, emphasizing, however, that such cases are extremely rare.
One cybercriminal group that carried out attacks on ATMs converted the stolen money into digital currency. There was another group from Eastern Europe, whose members set up their own bitcoin farm.
The latter group used money stolen from banks to maintain the farm. When the attackers fell into the hands of law enforcement officers, SWIFT found 15 thousand bitcoins, which is equivalent to $ 109 million. This gives an idea of the volume that the criminals operated on.
Finally, according to a SWIFT report (PDF), digital currencies were used by the famous cyber group Lazarus, whose operators also converted the ill-gotten money into cryptocurrency.
