North Korea Launders $147.5M in Stolen Crypto via Tornado Cash

In March, North Korea laundered $147.5 million through the cryptocurrency mixer Tornado Cash, stolen from the cryptocurrency exchange HTX in 2023. This was reported by Reuters, citing confidential UN sanctions monitoring documents.

According to the UN, from 2017 to 2024, North Korean hackers carried out 97 cyberattacks on cryptocurrency companies, causing damages amounting to approximately $3.6 billion. Among these attacks was the November 2023 hack on the HTX exchange, where hackers stole $147.5 million, laundering the stolen funds in March 2024. The information about the fund transfers was provided by analysts from PeckShield.

It is noted that in 2024, there were 11 cases of digital asset theft, totaling $54.7 million. Most of these thefts were carried out by “IT specialists from North Korea, inadvertently hired by small cryptocurrency companies.”

Tornado Cash, a cryptocurrency mixing service, was sanctioned by the US in August 2022, but its decentralized structure allowed it to continue operating. Similar sanctions were imposed by the US Treasury Department on the service Sinbad.io in November last year. Additionally, in May, Tornado Cash developer Alexey Pertsev was found guilty of money laundering and sentenced to 64 months in prison.