UN report links North Korea to HTX’s $147.5 million laundering
Key Takeaways
- A UN report found that a North Korean company linked to the Lazarus Group laundered $147.5 million stolen from HTX through Tornado Cash.
- The report highlighted 97 North Korean cyber attacks from 2017 to 2024.
- Tornado Cash, used for laundering, has faced scrutiny and legal challenges, including the conviction of developer Alexey Pertsev on money laundering charges.
The UN’s confidential report stated: North Korean entities linked to the Lazarus Group used Tornado Cash to launder $147.5 million stolen from the HTX cryptocurrency exchange.
Notorious cyber crime group He orchestrated the theft in March 2023.
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After remaining dormant for a year, The stolen funds were flowed back into North Korea through the cryptocurrency mixer Tornado Cash. The idea is to obscure the origin of the transaction. Privacy protocols like Tornado Cash are often used by malicious actors to anonymize stolen assets and make them untraceable.
UN documents were also released. Investigations into 97 cyberattacks attributed to North Korea are ongoing. This has siphoned off approximately $3.6 billion in cryptocurrencies from 2017 to 2024.
During this period, in 2022, The United States sanctioned Tornado Cash on charges of helping North Korea evade international sanctions. Despite its founder’s denials, the platform’s role in laundering operations is facing intense regulatory scrutiny.
Legal issues escalate recent Tornado Cash developer Alexey Pertsev sentenced to more than 5 years in prison To engage in money laundering through the Platform.
Overall, the laundering of nearly $150 million by North Korean operatives through Tornado Cache highlights the persistent and sophisticated nature of state-sponsored cybercrime.
With a master’s degree in Economics, Politics, and Culture in East Asia, Aaron wrote a scientific thesis analyzing the differences between Western capitalism and collective capitalism after World War II.
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