Meanwhile, EtherumMax got sued over an alleged pump-and-dump scam after using celebs like Floyd Mayweather Jr. & Kim Kardashian to promote EMAX Tokens.
Vast amounts of cash sloshing around in cryptocurrency markets are proving irresistible for cybercriminals and scammers of all kinds.
From basic financial pump-and-dump schemes to straight-up nation-state cybertheft, nascent crypto markets, and their investors – often with dubious understanding of how they really work – have become prime targets for crypto scammers.
North Korean-backed cybercrime groups, including APT 38/Lazarus Group, have turned their talents and resources exclusively toward ripping off crypto markets, according to a new report from Chainalysis. In 2021, the number of North Korean-sponsored crypto attacks grew from four to seven and netted the crooks $400 million, which was a 40 percent increase over 2020, Chainalysis found.
The North Korean regime has found success with its complicated crypto-laundering operation through Asian exchanges that trade crypto for national currency with few questions, or a “fiat-to-crypto” exchange.
But before these groups can cash out, they are laundered through software “mixers,” the report added.
“DPRK is a systematic money launderer, and their use of multiple mixers – software tools that pool and