What do North Korean hackers, Mexican drug cartels, Russian mobsters, and scammers impersonating your boss on Telegram have in common? They all depend on the Chinese black market to launder their billions in crypto, according to new research.
Despite crypto’s reputation as an uncensorable, borderless financial underworld, most major criminal groups utilizing digital assets wouldn’t be able to do so without the aid of sophisticated underground Chinese banking networks, according to blockchain intelligence firm TRM Labs.
TRM’s leadership, which boasts decades of federal government experience, says U.S. policy has so far failed to address what the firm sees as an undeniable reality: From state enemies like North Korea on down to…
Apr 19 2025
