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Home BREAKING NEWS

North Korean Hackers Launder $150 Million in Stolen Crypto Using Tornado Cash

by Matoy
May 15, 2024
in BREAKING NEWS, CRYPTO, POLITICS
Reading Time: 2 mins read
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  • North Korean entities, linked to the Lazarus Group, used the Tornado Cash mixing service to launder nearly $150 million stolen from the HTX crypto exchange.
  • The United Nations is investigating a significant number of cyberattacks attributed to North Korea, with substantial amounts of cryptocurrencies stolen since 2017.
  • The conviction of Tornado Cash developer Alexey Pertsev for money laundering underscores the legal and regulatory challenges facing crypto mixing services.

A confidential United Nations (UN) report, accessed by Reuters, has disclosed that North Korean hackers utilized the privacy protocol Tornado Cash to launder approximately $150 million in stolen cryptocurrency assets. This incident marks one of the many cyber operations conducted by the infamous Lazarus Group, known for its sophisticated financial cybercrimes.

Details of the Laundering Operation

In March 2023, the hackers illegally extracted $147.5 million worth of cryptocurrencies from HTX, a crypto exchange owned by Tron founder Justin Sun. One year following the theft, the funds were transferred into North Korea using Tornado Cash, a service that mixes various streams of potentially identifiable cryptocurrency assets to obscure the trail back to the original source.

Global Impact and Legal Actions

The use of crypto mixing services like Tornado Cash is increasingly under scrutiny as they are often employed by malicious actors to anonymize stolen assets, making them untraceable. The United States, recognizing the potential for such technologies to facilitate financial crimes, sanctioned Tornado Cash in 2022 for allegedly aiding North Korea in evading international sanctions.

Alexey Pertsev, the developer behind Tornado Cash, was convicted of money laundering related to his involvement with the protocol. On May 14, he was sentenced to five years and four months in prison, with the court giving his legal team 14 days to appeal. This case has significant implications for developers of open-source software, highlighting the legal risks associated with creating tools that can be misused for illicit purposes.

The problem wasn’t just North Korea; most hackers use Tornado Cash to syphon money. This led to the current court decisions against the crypto-mixing company. When Tornado Cash became a hot topic for the DOJ, it caused a domino effect within the crypto industry as authorities saw most payments services in this sector as suspicious.

Tags: cryptoLazarusNorth Korea
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