Chainalysis: North Korean Hackers Use Xinbi's 'Black U' for Money Laundering

Chainalysis revealed that North Korean-linked hackers laundered tens of millions of dollars in stolen crypto assets via the sanctioned platform Xinbi Guarantee. The hackers utilized the 'Black U' service to swap stolen funds with proceeds from pig-butchering and romance scams, subsequently converting them to fiat through unlicensed OTC platforms. The activity includes funds linked to the Bybit and WazirX hacks.