United Nations Report on North Korea’s Use of Tornado Cash
Members of a United Nations expert panel monitoring North Korea sanctions reportedly discovered a connection between the totalitarian state and the crypto mixer Tornado Cash. According to Reuters, a confidential document from the monitors revealed to the U.N. Security Council sanctions committee that North Korea utilized Tornado Cash to launder $147.5 million worth of stolen crypto assets earlier this year.
Investigations on North Korean Cyberattacks
- The eight-member panel of experts disbanded in April
- The monitors investigating 97 suspected North Korean cyberattacks on cryptocurrency companies
- Attacks occurred between 2017 and 2024, involving around $3.6 billion worth of assets
Use of Tornado Cash for Laundering
- Data from PeckShield and Elliptic showed stolen funds laundered through Tornado Cash in March
- Implication of North Korean IT workers in conducting cryptocurrency thefts
- U.S. Department of the Treasury’s OFAC sanctioned Tornado Cash in 2022 for laundering virtual currency
North Korea’s Funding Sources
North Korea reportedly relies on cyber attacks to finance its nuclear and missile programs.
Hot Take: Implications of North Korea’s Crypto Activities
The use of Tornado Cash by North Korea to launder stolen crypto assets raises concerns about illicit financing and the role of cryptocurrencies in funding illicit activities. The involvement of North Korean IT workers in cyber attacks targeting cryptocurrency companies highlights the need for enhanced cybersecurity measures in the crypto space to prevent such incidents in the future.
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