North Korea Accused of Laundering $147.5 Million Through Tornado Cash

Not open for further replies.


Well-Known Member
Crypto News Squad
Jul 10, 2023

North Korea Accused of Laundering $147.5 Million Through Tornado Cash

A report from United Nations sanctions monitors reveals that North Korea allegedly laundered $147.5 million stolen from a cryptocurrency exchange in March through the Tornado Cash platform.

This laundering activity is another example of the international community’s concern about the use of cryptocurrencies to evade global sanctions.

North Korea’s Participation in Tornado Cash

United Nations sanctions monitors have detailed North Korea’s latest cyber-financial activity, which involved the laundering of $147.5 million through crypto mixer Tornado Cash. The money, believed to have been stolen from the HTX cryptocurrency exchange at the end of last year, has been seized. It was transferred via Tornado Cash in March, according to the document submitted by observers to the UN Security Council sanctions committee.

The research results, based on data from crypto analysis company PeckShield and blockchain research company Elliptic, highlight North Korea’s advanced methods of evading international sanctions.


North Korea laundered $147.5 million through virtual currency platform Tornado Cash in March after stealing it from a cryptocurrency exchange last year, according to United’s undercover study.

— *Walter Bloomberg (@DeItaone) May 14, 2024
Observers are examining 97 cyberattacks by North Korea on cryptocurrency companies from 2017 to 2024, worth about $3.6 billion. For example, in 2024, North Korea is suspected of being behind 11 cryptocurrency thefts worth a total of $54.7 million.

A large portion of these cases are said to be the work of North Korean IT workers who were mistakenly employed by small crypto-related companies and thus gained indirect access to North Korea to exploit these platforms.

Global Reactions and Arrest

Following these findings, the international community increased its attention and restrictive actions against Tornado Cash, which is frequently used by hackers to hide the source of dirty money.

In 2022, the US government imposed sanctions on Tornado Cash, claiming it was a money laundering tool used by North Korean cybercriminals. This decision was part of a broader program to control digital platforms used for financial fraud.

The situation became even clearer when Alexey Pertsev, the developer of Tornado Cash, was sentenced to 64 months in prison by a Dutch court for money laundering over $1.2 billion. This case has highlighted the persistent problems and legal challenges of cryptocurrency activities around the world, especially those that can be associated with international security threats.

Also read: MicroStrategy President Reveals Significant Bitcoin Pension Funds Prediction

✓ Share:

Kelvin is a distinguished author specializing in crypto and finance, with a bachelor’s degree in Actuarial Science. Known for her sharp analysis and insightful content, she is fluent in English and specializes in comprehensive research and on-time delivery.

The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.


#North #Korea #Accused #Laundering #Million #Tornado #Cash
Not open for further replies.