In Buenos Aires, Argentina, police have uncovered an illegal financial organization involved in the exchange of fiat and cryptocurrencies, potentially linked to North Korean hackers. The organization was allegedly led by a 29-year-old citizen who was set to receive a portion of the $100 million worth of crypto assets stolen from Horizon Bridge in 2022.
During raids conducted at the suspect’s apartment, authorities seized cryptocurrency amounting to $121,327 and electronics that may contain crucial transaction data related to money laundering. The suspect had been constantly changing residences to evade detection, but law enforcement was able to locate him with the help of information obtained from Binance, where some of the transactions were made. Another $15 million was found in a separate location related to the suspect.
The investigation commenced in November 2023, following suspicions that some of the funds stolen by hackers might have been funneled into cryptocurrencies in Argentina. It was revealed during the probe that the arrested individual had conducted over 2400 cryptocurrency transfers through Binance Pay, totaling more than 4.5 million USDT.
Authorities disclosed that the suspect had acquired over 1.3 million USDT using fiat money and had engaged in 102 transactions selling over 29,000 USDT for cash. USDT is a stablecoin pegged to the US dollar.
There are additional concerns that the suspect may have utilized accomplices as “mules” to obscure the trail of money transfers, complicating the investigation. Investigators are also exploring the possibility that the individual could be involved in a broader range of criminal activities, including terrorism financing and the dissemination of illegal materials. The case remains ongoing, with investigators hoping to uncover more details about a potential network involved in money laundering and other illicit acts.