The North Korean hackers’ involvement with Tornado Cash has become a major concern in the cryptocurrency market. A team of experts has potentially uncovered a link between the country and the company.
North Korea and Tornado Cash
A group of United Nations experts monitoring the situation in North Korea has revealed a connection between the country and Tornado Cash mixer. For the latest financial and business news, visit COINTURK FINANCE.
According to a confidential document presented to the UN Security Council sanctions committee, North Korea allegedly used Tornado Cash to launder $147.5 million worth of hacked cryptocurrency in the first half of this year. This report, shared by Reuters, highlights the investigation of 97 suspected cyberattacks by North Korea, targeting cryptocurrency companies with assets worth $3.6 billion.
Details of Crypto Attacks
The list of attacks, which occurred between 2017 and 2024, includes the $147.5 million theft from the Seychelles-based crypto exchange HTX last year. Observers suggest that the stolen funds were laundered using Tornado Cash in March, as reported by crypto analysis firm PeckShield and blockchain research firm Elliptic.
The report also reveals that observers have investigated 11 crypto thefts worth $54.7 million this year alone. Interestingly, a significant number of these attacks were carried out by North Korean IT workers who were mistakenly hired by small crypto-related companies.
In 2022, the US Treasury Department’s Office of Foreign Assets Control (OFAC) imposed sanctions on Tornado Cash. These sanctions highlighted the laundering of over $7 billion worth of cryptocurrency, including $455 million seized by the North Korean hacker group Lazarus Group.
Furthermore, it is mentioned that North Korea is using cyberattacks to finance its ongoing nuclear and missile programs. The developer of Tornado Cash has recently received a penalty in relation to this.
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Disclaimer: This article does not provide investment advice. Investors should be aware of the high volatility and risk associated with cryptocurrencies and conduct their own research.