2024-05-16
According to findings from UN sanctions monitors have revealed that North Korea used the virtual currency platform Tornado Cash to launder $147.5 million in March. This money had been stolen from a cryptocurrency exchange the previous year.
The monitors have been investigating 97 suspected cyberattacks by North Korea on cryptocurrency companies from 2017 to 2024, with an estimated total of $3.6 billion.
One significant incident highlighted in the findings was the theft of $147.5 million from the HTX cryptocurrency exchange, which was then laundered in March.
The monitors obtained information from crypto analytics firm PeckShield and blockchain research firm Elliptic.
In 2024 alone, they investigated 11 cryptocurrency thefts amounting to $54.7 million. These findings suggest possible involvement by North Korean IT workers who were hired by small crypto-related companies.
North Korea, also known as the Democratic People's Republic of Korea (DPRK), has been under UN sanctions since 2006, with the aim of limiting funding for its ballistic missile and nuclear programs.
Tornado Cash, the virtual currency platform used for money laundering, has previously faced sanctions from the US due to alleged support for North Korea.
Two co-founders of Tornado Cash have been charged with facilitating money laundering. Mixer platforms like Tornado Cash blend cryptocurrencies to conceal their origin and ownership.
The monitors also expressed concerns about illicit arms trade between North Korea and Russia, specifically mentioning suspected shipments between North Korea's Rajin port and Russian ports.
Furthermore, there have been reports of North Korean cargo ships unloading coal in Chinese waters, potentially evading sanctions. Both China and Russia have declined to comment on these findings.
