UN Reports $147.5M Cryptocurrency Laundering by North Korea

UN Reports $147.5M Cryptocurrency Laundering by North Korea

Isabella Kim
1 min read

North Korea Laundered $147.5 Million in Stolen Cryptocurrency Through Tornado Cash

The United Nations has revealed that North Korea laundered $147.5 million in stolen cryptocurrency through Tornado Cash, a mixer service, in March 2024 as part of a series of cyberattacks on crypto firms totaling $3.6 billion over the past seven years, including the theft of $112.5 million from the HTX crypto exchange and its cross-chain bridge, HECO.

Key Takeaways

  • North Korea laundered $147.5 million in stolen cryptocurrency through Tornado Cash in March 2024.


North Korea's laundering of $147.5 million through Tornado Cash is part of a larger pattern of cyberattacks on crypto firms, totaling $3.6 billion over seven years. This activity poses significant threats to crypto exchanges, financial institutions, and regulatory bodies worldwide. The short-term consequences include potential losses for investors, stricter regulations, and increased scrutiny of the crypto industry. In the long term, this situation may hinder crypto adoption, damage the reputation of blockchain technology, and prompt international cooperation to combat illicit activities in the crypto space. Governments, financial institutions, and crypto exchanges must collaborate to address these challenges and ensure the security of the global financial ecosystem.

Did You Know?

  • Cryptocurrency: Digital or virtual currency that uses cryptography for security and is decentralized, operating independently of a central bank. Examples include Bitcoin, Ethereum, and Ripple.
  • Tornado Cash: A mixer service for cryptocurrencies that aims to enhance privacy and anonymity by mixing potentially identifiable transactions with others, making it difficult to trace the original source of the funds.
  • Cross-chain bridge: A technology that allows the transfer of assets between different blockchain networks, enabling interoperability and flexibility for users and developers. In this case, HECO is a cross-chain bridge for the HTX crypto exchange.

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