Argentina Busts Crypto Ring Linked to North Korea, Seizes Millions
In Argentina, the police have uncovered an illegal financial organization engaged in the exchange of fiat and cryptocurrencies, which may be connected to North Korean hackers. The organization was led by a 29-year-old citizen who is suspected of having received a portion of the $100 million in crypto assets stolen from Horizon Bridge in 2022.
During a search of the suspect’s apartment, authorities seized cryptocurrency worth $121,327 and electronic devices that may contain data on transactions related to money laundering. The suspect had been frequently changing his residence to evade law enforcement but was eventually located thanks to information provided by Binance, where he had conducted some of his operations. At another location linked to the suspect, an additional $15 million was discovered.
The investigation began in November 2023, when it became known that part of the funds stolen by hackers might have been transferred to a crypto wallet in Argentina. During the investigation, it was revealed that the arrested individual had conducted over 2,400 cryptocurrency transfers through Binance Pay, totaling more than 4.5 million USDT.
Law enforcement authorities explained that the suspect had acquired more than 1.3 million USDT with fiat currency and carried out 102 transactions to sell over 29,000 USDT, receiving cash in return. USDT is a stablecoin pegged to the US dollar.
There are also suspicions that the criminal might have used other individuals as “mules” to obscure the money trail, complicating the investigation. Investigators further suspect that the individual may be involved in a broader criminal enterprise related to terrorist financing and the distribution of CSAM materials. The case is ongoing, and investigators hope to uncover more information about a possible network involved in money laundering and other crimes.
