North Korean IT Workers Exploit USDT in $7.7 Million Crypto Laundering Scheme
In a startling revelation, North Korean operatives have been accused of using stolen U.S. identities to infiltrate American blockchain and tech firms, laundering $7.7 million in cryptocurrencies, primarily stablecoins like USDT and USDC. The scheme, uncovered by the FBI, involved sophisticated tactics to bypass KYC checks and funnel funds back to the heavily sanctioned North Korean government. This incident underscores the growing challenges of cybersecurity and regulatory compliance in the crypto space, even as digital assets continue to gain traction in global finance.
North Korean IT Workers Used Stolen US Identities to Launder $7.7 Million in Crypto
North Korean operatives allegedly stole American identities to secure remote jobs at U.S. blockchain and tech firms, funneling salaries paid in stablecoins like USDC and USDT back to their heavily sanctioned government. The scheme, detailed in a U.S. District Court complaint, involved bypassing KYC checks with fake or stolen IDs and laundering proceeds through advanced crypto tactics.
The FBI uncovered a coordinated campaign where these IT workers generated revenue for North Korea's weapons program. "This operation defrauds U.S. businesses and undermines sanctions," said FBI Assistant Director Roman Rozhavsky. Chain hopping, token swaps, and NFT purchases were reportedly used to obscure the money trail.
Ethereum Sees $1.93B Stablecoin Influx Amid Surging DeFi and DEX Activity
Ethereum has absorbed $1.93 billion in stablecoin inflows over the past week, dwarfing rival blockchains as decentralized finance (DeFi) and exchange activity intensify. The network’s stablecoin market cap now stands at $124.68 billion, with Tether (USDT) commanding a 50.63% dominance.
On-chain metrics reveal a parallel uptick in usage. Ethereum’s DeFi total value locked (TVL) climbed 1.38% to $61.246 billion, while decentralized exchanges (DEXs) processed $984.56 million in volume across 426,731 active addresses. Ethena’s USDe emerged as a standout, posting 24.88% monthly growth despite slight market cap fluctuations.
The surge coincides with rising gas fees—a telltale sign of network demand. Analysts attribute the momentum to Ethereum’s entrenched position as the backbone of smart contract innovation, though competitors vie for slices of its liquidity.
Bitcoin's $120K Potential Hinges on US Tariff Policy, Analysts Warn
Swyftx chief analyst Pav Hundal forecasts Bitcoin could surge to $120,000 this month if US tariff uncertainties resolve favorably. The Federal Reserve's decision to maintain rates at 4.25%-4.50% on May 7 reflects growing concerns about inflation and unemployment, creating headwinds for risk assets.
"Delayed monetary easing could throttle economic growth," Hundal cautioned, noting policymakers await hard data on Trump-era tariffs' impact. The analyst recommends cloud-mining platforms as a hedge against market volatility, specifically citing an Australian service offering daily withdrawals in nine cryptocurrencies including BTC, ETH, and XRP.
The highlighted platform boasts enterprise-grade security via McAfee and Cloudflare protections, with fee-free operations and tiered referral incentives. This defensive play gains traction as traders seek stability amid macroeconomic crosscurrents.
