How North Korea finances itself by stealing cryptocurrencies.
In March, North Korea laundered $147.5 million stolen from the HTX cryptocurrency exchange in 2023 through the Tornado Cash cryptomixer. This is reported by Reuters, referring to confidential documents monitoring UN sanctions.
According to the UN, from 2017 to 2024, North Korean hackers carried out 97 cyber attacks on cryptocurrency companies, causing damage worth about $3.6 billion. Among the attacks was an attack on the HTX crypto exchange – in November 2023, hackers stole $147.5 million, and laundered the loot in March 2024. Information about the movement of funds was provided by analysts from PeckShield.
It is noted that in 2024, 11 cases of theft of digital assets totaling $54.7 million were recorded. Most of these thefts were carried out by "IT specialists from the DPRK, accidentally hired by small cryptocurrency companies."
Tornado Cash, a service for mixing cryptocurrencies, was sanctioned by the United States in August 2022, but this did not prevent its further operation due to its decentralized structure. Sanctions against a similar service Sinbad.io They were introduced by the US Treasury Department in November last year. Also in May, Tornado Cash developer Alexey Pertsev was found guilty of money laundering and sentenced to 64 months in prison.
In March, North Korea laundered $147.5 million stolen from the HTX cryptocurrency exchange in 2023 through the Tornado Cash cryptomixer. This is reported by Reuters, referring to confidential documents monitoring UN sanctions.
According to the UN, from 2017 to 2024, North Korean hackers carried out 97 cyber attacks on cryptocurrency companies, causing damage worth about $3.6 billion. Among the attacks was an attack on the HTX crypto exchange – in November 2023, hackers stole $147.5 million, and laundered the loot in March 2024. Information about the movement of funds was provided by analysts from PeckShield.
It is noted that in 2024, 11 cases of theft of digital assets totaling $54.7 million were recorded. Most of these thefts were carried out by "IT specialists from the DPRK, accidentally hired by small cryptocurrency companies."
Tornado Cash, a service for mixing cryptocurrencies, was sanctioned by the United States in August 2022, but this did not prevent its further operation due to its decentralized structure. Sanctions against a similar service Sinbad.io They were introduced by the US Treasury Department in November last year. Also in May, Tornado Cash developer Alexey Pertsev was found guilty of money laundering and sentenced to 64 months in prison.
