Xinbi Marketplace Used by North Korean Hackers to Launder Stolen Crypto

North Korean hackers have been using the Xinbi marketplace to launder stolen cryptocurrency worth tens of millions of dollars. The hackers targeted platforms such as Bybit and WazirX, stealing large sums before exchanging them for stablecoins sourced from scams and other illicit activities.

'Black U' vendors on Xinbi facilitated this process, swapping traceable stolen crypto for the stablecoins. US authorities have since taken action, sanctioning Xinbi and seizing or restraining over $52 million in cryptocurrency linked to its network.