North Korea Launders $147.5M Stolen Crypto Via Tornado Cash: UN

North Korea Launders $147.5M Stolen Crypto Via Tornado Cash: UN

Published Wednesday 15th May 2024

In a recent report by the United Nations, it was revealed that North Korea laundered a staggering $147.5 million that was stolen from a cryptocurrency exchange. The illicit funds were funneled through Tornado Cash, a popular decentralized mixer that provides privacy and anonymity by breaking the on-chain link between the sender and receiver of Ethereum transactions. This method allowed North Korea to obscure the origin of the stolen funds, making it difficult to trace and recover the money.

The utilization of Tornado Cash by North Korea highlights the challenges faced by regulators and law enforcement agencies in combating money laundering and illicit activities in the crypto space. Decentralized mixers like Tornado Cash offer a level of privacy and obfuscation that can be exploited by bad actors to cover their tracks and avoid detection. As the use of cryptocurrencies continues to grow, it is crucial for authorities to develop effective strategies and technologies to prevent and investigate financial crimes in this evolving landscape.

Crypto News & Headlines

PEPE Coin Soars Over 80% In A Week, Hits New All-Time High

Pepe coin hit a new all-time high of $0.00001559 following an 80% surge in the past week, driven by increasing interest and consistent trading volume.

Trending on 27th May 2024 09:26 AM

Normie Meme Coin Crashes 99% After Major Exploit & Hacker Attack

Normie, a meme token on the BASE blockchain, experienced a severe exploit, causing its value to plummet by over 99% from $40 million to less than $200

Trending on 27th May 2024 09:01 AM

Ethereum Price Boosted By ETF Hopes, Nears $4k

Ethereum's price surged above $3,850 due to bullish investors anticipating the launch of spot ETH ETFs, driving a 5% increase in the last 24 hours, wi

Trending on 27th May 2024 08:25 AM

Michael Saylor: Ethereum ETF Approval Boosts Bitcoin

Michael Saylor, MicroStrategy's founder, views the U.S. SEC's approval of spot Ethereum ETFs as beneficial for Bitcoin, predicting it will drive insti

Trending on 27th May 2024 01:01 AM

Uniswap (UNI) Price Surges Over 15% Due To New Proposals And Market Activity

Despite market consolidation, Uniswap's token UNI surged over 17%, breaking $10, driven by Ethereum ecosystem developments and ongoing legal battles w

Trending on 26th May 2024 12:02 AM