North Korea Accused of Laundering $147.5 Million Through Crypto Platform
North Korea is alleged to have laundered $147.5 million stolen from a cryptocurrency exchange through the Tornado Cash platform in March, according to a report from United Nations sanctions monitors.
This incident adds to global concerns about cryptocurrencies being exploited to evade sanctions.
The UN sanctions monitors have detailed North Korea’s recent cyber-financial activity, including the laundering of $147.5 million through the Tornado Cash crypto mixer. The funds, believed to have been stolen from the HTX cryptocurrency exchange, were processed through Tornado Cash in March, as per documents submitted to the UN Security Council sanctions committee.
Recent findings highlight North Korea’s sophisticated methods for bypassing international sanctions. The monitors have investigated 97 suspected North Korean cyberattacks on cryptocurrency companies from 2017 to 2024, totaling around $3.6 billion. In 2024 alone, North Korea is suspected of orchestrating 11 cryptocurrency thefts totaling $54.7 million.
Many of these incidents reportedly involve DPRK IT workers inadvertently hired by small crypto-related companies, providing indirect access for North Korea to exploit these platforms.
READ MORE: Chinese Authorities Bust Illegal Cryptocurrency Operation
Following these revelations, the international community has increased scrutiny and regulatory measures against Tornado Cash, often used by hackers to obscure illicit funds’ origins. In 2022, the U.S. government sanctioned Tornado Cash, considering it a money-laundering tool used by North Korean cybercriminals. This action was part of broader efforts to regulate digital platforms facilitating financial fraud.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
