Russian hackers are seeking alternative money-laundering options

Russian hackers are exploring new money-laundering avenues amidst sanctions and law enforcement crackdowns. They are turning to Chinese payment systems and darknet coin-mixing services as cryptocurrency exchanges with strict regulations are no longer viable. Some are investing in gold or storing bitcoin in cold wallets as alternative strategies.

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.