SlowMist's Cos says Chainflip is blocking the Bitget hacker's money laundering, but tracking is lagging behind
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AT A GLANCE
Cos said that Chainflip is blocking money laundering, but tracking is lagging behind the automated money laundering process.
Article
SlowMist's Cos: The Chainflip bridge is working hard to block North Korean hackers from laundering funds, but on-chain transfer tracking is lagging behind September 29, SlowMist founder Cos stated in a post: A cruel fact is that, after following the Bitget hacker's activity for several hours, the Chainflip bridge is indeed working hard to block North Korean hackers from laundering funds, but unfortunately AML/KYT(anti-money laundering/on-chain transfer tracking) is lagging behind the speed of the hackers' money laundering. Money laundering groups automatically fragment large amounts of funds and use various bridges to move them across different chains. If blocked or rejected by risk controls, they immediately try the next laundering route, ultimately converting everything into BTC, and then continuing to obfuscate the money laundering on the Bitcoin network using CoinJoin methods (a mixing method on Bitcoin). This is an ever-evolving money laundering operation.
Original link https://m.theblockbeats.info/flash/369506
Key points
01
BlockBeats reported that,September 29 Cos said the Chainflip bridge is blocking money laundering.
02
Cos said that AML and on-chain transfer tracking are slower than the speed of money laundering.
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The article says that money laundering groups automatically fragment funds and move them across different chains through different bridges.
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The article says that the funds will ultimately all be converted into BTC and continue to obfuscate the money laundering through CoinJoin.
AI-assisted interpretation
The following is analysis, separate from reported facts. Verify important claims independently.
This information says that Chainflip is attempting to intercept fund transfers, but automated money laundering processes may be faster. Funds may pass through multiple cross-chain routes and ultimately be converted into BTC and use CoinJoin to increase the difficulty of tracking.
Why it matters to readers
Cross-chain routes are constantly changing and transfers are relatively fast, which may increase the difficulty of tracking and intercepting funds.
A cross-chain bridge connects different blockchains;AML means AML,KYT means on-chain transfer tracking,CoinJoin and means a mixing method on Bitcoin.
Risks and unknowns
The original text does not provide independent evidence that the attackers were indeed North Korean hackers.
The original text does not specify the amount of funds Chainflip actually intercepted or recovered.
The losses from and ultimate destination of the funds in the Bitget hacking incident are not fully described in the original text.
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Related concepts
AML
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