Follow us on:

cc_icon

Post: Lazarus Group Circumvents Sanctions with Tornado Cash: Insights on Stolen Crypto Laundering

Lazarus Group Circumvents Sanctions with Tornado Cash: Insights on Stolen Crypto Laundering

Key Points

  • North Korea’s Lazarus Group is using Tornado Cash to launder stolen cryptocurrency funds despite U.S. sanctions.
  • Elliptic reported that hackers from Lazarus Group have moved around $12 million worth of crypto to Tornado’s wallets since March 13.
  • The stolen funds, totaling $30 million from HTX Exchange and $86.6 million from HECO Chain in November, were recently transferred to Ether through decentralized exchanges.

Resumption of Laundering Activities

The Lazarus Group, linked to North Korea, has defied U.S. sanctions by resuming its laundering of stolen cryptocurrency funds through Tornado Cash. Despite regulations targeting such activities, the group has shifted $12 million in crypto to Tornado’s wallets since March 13, as reported by Elliptic.

Recent Transfer and Dormant Funds

Following a major cyberattack on November 22, where $30 million was stolen from HTX Exchange and $86.6 million from HECO Chain, the hackers seemingly laid low for some time. However, the stolen funds were later converted to Ether through decentralized exchanges, showing a recent spike in movement.

Hot Take

The resilience of groups like Lazarus in circumventing sanctions by utilizing decentralized services like Tornado Cash underscores the challenges in combatting illicit financial activities in the crypto space. This situation highlights the importance of continuous monitoring and cooperation among industry stakeholders and regulatory bodies to address such threats effectively.

Recent Posts
Social Media
Twitter
Email
Telegram
Facebook
Offers
CheekyCrypto Membership Platform
Hardware Wallets
Bitget
Swissborg
Plutus Card