Lazarus Group's Meme Coin Removed from Pump.fun in Money Laundering Crackdown
1min read Cryptocurrency exchange platform pump.fun has taken a significant step in combating illicit activities by removing a Meme coin associated with the North Korean hacker group Lazarus Group from its front end. This move comes in response to revelations by on-chain detective ZachXBT, who discovered that the entity behind the Bybit hack was using pump.fun to issue and trade Meme coins for money laundering purposes.
The Lazarus Group, a notorious hacker collective linked to the Democratic People's Republic of Korea, has been accused of numerous cyber attacks, including the 2014 Sony Pictures hack and the 2017 WannaCry ransomware attack. The group's involvement in cryptocurrency-related crimes has been a growing concern in the industry, with reports suggesting that they have stolen hundreds of millions of dollars in digital assets.
The removal of the Lazarus Group-related Meme coin from pump.fun's front end is a proactive measure aimed at preventing the platform from being used as a vehicle for money laundering and other criminal activities. This move is part of a broader trend among cryptocurrency exchanges to strengthen their anti-money laundering (AML) and know your customer (KYC) procedures in response to increasing regulatory scrutiny.
In recent weeks, the cryptocurrency industry has been grappling with several high-profile security incidents, including the Bybit hack and the collapse of the FTX exchange. These events have highlighted the need for enhanced security measures and stricter regulatory oversight. As the industry continues to evolve, it is crucial for exchanges and other market participants to remain vigilant and take proactive steps to protect users and the broader ecosystem from criminal activities.
