Russian hackers are seeking alternative money-laundering options

Russian cybercriminals are turning to alternative money-laundering methods due to sanctions on Russia and law enforcement actions against dark web markets, analysts at Flashpoint observed. Russian hackers have mostly turned to Chinese payment systems, including Chinese banks and the Union Pay cards system.

Cryptocurrency exchanges with rising KYC (known your customer) requirements, even those within Russia, are not an option, so darknet coin-mixing and cash-out services are among the few options available. Thus, cybercriminals began investing in gold or saving bitcoin in cold wallets until conditions changed.