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A new FATF report reveals that cryptocurrencies are increasingly being used by sanctioned states like North Korea and Iran to finance illicit weapons programs. The report highlights major crypto heists, including $1.4B stolen from ByBit, as key funding sources. Threat actors are leveraging blockchain anonymity to evade sanctions and fund geopolitical conflicts.
- North Korea stole $1.4B from ByBit, using crypto to fund nuclear programs via mixing services and lax exchanges.
- FATF warns of growing geopolitical coordination, with Iran and Russia collaborating on drone production using crypto financing.
- Chainalysis data ties crypto transactions to Chinese fentanyl suppliers and Mexican cartels, revealing broader illicit networks.
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