Authorities in Argentina have arrested a 29-year-old Russian national for laundering millions in cryptocurrency linked to North Korea’s Lazarus Group. This operation was based in Argentina and involved a complex web of transactions.

According to a report from blockchain analytics firm TRM Labs, the suspect is accused of laundering illicit cryptocurrency from North Korea’s Lazarus Group and other criminal entities. The investigation revealed that more than 2,400 crypto transfers were made, amounting to over $4.5 million worth of USDT on the TRON network.

The subject laundered funds from North Korean threat actors and other cybercriminals.

During the operation, authorities seized over $120,000 worth of crypto and an additional $15 million from other properties controlled by the suspect. Local news reports indicate that the scheme used a Telegram bot to convert Russian rubles, stablecoins, euros, and U.S. dollars into Argentine pesos.

The investigation, initiated in November 2023 by the San Isidro Specialized Fiscal Unit in Cybercrime Investigations and led by Prosecutor Alejandro Musso, discovered that a portion of the $100 million stolen in the Harmony Bridge hack had flowed into a crypto wallet in Argentina.

Further reports suggest that the suspect conducted numerous transactions through Binance accounts both domestically and internationally, indicating a complex network involving both Russian and Argentine operations.

This investigation aligns with Binance’s recent efforts to enhance its compliance measures, following a $4.3 billion settlement with the U.S. Department of Justice and other authorities. The exchange plans to expand its workforce by 1,000 new employees, with 20% dedicated to compliance roles by the end of 2024.

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