The post Lazarus Group Transfers $147.5m Stolen Crypto to North Korea via Tornado Cash: Confidential Un Report appeared first on Coinpedia Fintech News
According to a confidential United Nations report that was recently revealed, North Korean hacking group The Lazarus Group is known to have transferred thousands of stolen cryptocurrency back to the country.
The report also reveals that the cybercriminals funneled $147. 5 million worth of crypto through Tornado Cash, sanctioned as a mixer in the year 2021.
Lazarus’s massive crypto heist
The Lazarus Group is associated with one of the largest heists of March 2023 from crypto exchange HTX, which is led by TRON’s founder Justin Sun. The stolen funds were then laundered through Tornado Cash – a mixer that has been praised for being privacy-focused but also accused of facilitating crimes due to its exploitable design.
UN investigation findings
According to the United Nations report presented to a security council sanctions committee, there is a broader investigation with regard to 97 suspected North Korean cyber attacks on Crypto firms between 2017 and 2024 with more than $3 billion stolen.
This study reveals that North Korea possesses substantial cyber warfare strength and that cybercrime is its source of valuable foreign exchange.
The Role of Tornado Cash
Tornado Cash has been a favored tool for North Korean hackers, providing a way to launder stolen cryptocurrency. In 2022, the US sanctioned Tornado Cash, accusing it of facilitating money laundering for North Korea.
In 2023, two co-founders of the mixer were charged with aiding over $1 billion in money laundering activities, including those linked to North Korean cybercriminals.
North Korea’s expanding cyber attacks
North Korea has increasingly targeted cryptocurrency platforms, expanding its reach in 2023 with a record number of 20 hacks, despite a downturn in the crypto market.
According to Chainalysis, these hacks brought in over $1 billion, with $429 million stolen from DeFi platforms, and significant amounts from centralized services, exchanges and wallet providers.
Conclusion
With advanced tactics and the use of mixers like Tornado Cash, the Lazarus Group continues to pose a significant threat to global financial security. The international community remains vigilant, working to trace and recover stolen assets while implementing stricter sanctions and security measures to thwart future cybercrime.
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