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One of the biggest issues with cryptocurrencies, the new situation between North Korean hackers and Tornado Cash, has caught the attention of the entire market. An expert team may have uncovered the connection between the country and the company.
North Korea and Tornado Cash
Members of a United Nations expert panel tracking events in North Korea have announced that they found a connection between the country and the Tornado Cash mixer.
According to a report shared by Reuters, a confidential document presented by observers to the UN Security Council sanctions committee indicated that North Korea used Tornado Cash to launder $147.5 million worth of hacked cryptocurrency in the first half of this year.
The expert team, consisting of eight members, was disbanded in April after Russia vetoed the renewal of their mandate. The unfinished report prepared by observers and presented on Friday mentions the investigation of 97 suspected North Korean cyberattacks targeting $3.6 billion worth of assets in cryptocurrency companies.
Details of Crypto Attacks
Among the attacks known to have occurred between 2017 and 2024, last year’s $147.5 million theft targeting the Seychelles-based crypto exchange HTX is also included. Observers indicate that the stolen funds were laundered using Tornado Cash in March, according to data provided by crypto analysis firm PeckShield and blockchain research firm Elliptic.
It was also noted that observers investigated 11 crypto thefts worth $54.7 million this year alone. The report revealed that a significant portion of the attacks was carried out by North Korean IT workers mistakenly hired by small crypto-related companies.
In 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) imposed a sanction on Tornado Cash. The sanction indicated that over $7 billion worth of cryptocurrency, including $455 million seized by the North Korean hacker group Lazarus Group, was laundered.
In addition to this, it is also mentioned that North Korea is trying to benefit from cyberattacks to finance its ongoing nuclear and missile programs. Recently, it was announced that the developer of Tornado Cash received a penalty.
