Cryptocurrency

Millions

Tornado Cash

Tornado

Billion

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/north-korea-launders-millions-using-cryptocurrency/" data-wpel-link="internal">North Korea Launders Millions Using Cryptocurrency</a><br></p>
<p style="text-align: justify"><strong>North Korea</strong> once again showcased its cyber skills by likely using cryptocurrencies to circumvent international sanctions. According to an assessment by UN sanctions observers, North Korea is suspected of using the Tornado Cash platform to launder $148 million it obtained from a <a href="https://en.coin-turk.com/government-shutdown-could-trigger-a-rally-in-bitcoin/" data-wpel-link="internal">cryptocurrency</a> exchange in March.</p> 
<h2 style="text-align: justify" id="sanctions-enforcement-becomes-difficult">Sanctions Enforcement Becomes Difficult</h2> 
<p style="text-align: justify">This incident highlights the difficulty of enforcing sanctions in the digital age, where illegal actors can hide behind cryptocurrencies. North Korea’s use of its cyber capabilities for such activities is a serious concern for the international community.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-351673 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/cryptocurrency-22.jpg" alt="" width="740" height="415"></p> 
<p style="text-align: justify"><strong>Tornado Cash</strong>‘s facilitation of money laundering allowed the transfer of funds stolen from the HTX exchange, hacked in late 2023, according to the UN report. These platforms obscure the source of transactions by pooling funds and then distributing them to new addresses, making it extremely difficult to trace the original source of the money.</p> 
<h2 style="text-align: justify" id="4-billion-in-attacks-since-2017">$4 Billion in Attacks Since 2017</h2> 
<p style="text-align: justify">Based on data from blockchain research firms, UN observers revealed that North Korea has conducted a total of 97 cyberattacks on cryptocurrency <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">companies</a> since 2017, resulting in an estimated net loss of $4 billion. This shows that North Korea has profited significantly from cyberattacks, raising concerns about how the international community will combat such activities.</p> 
<p style="text-align: justify">International pressure on Tornado Cash is also increasing. In 2022, the U.S. government sanctioned Tornado Cash, labeling it a money laundering tool frequently used by North Korean cybercriminals. This action was part of broader efforts to regulate digital platforms vulnerable to <a href="https://finance.coin-turk.com/" data-wpel-link="external" target="_blank" rel="nofollow noreferrer">financial</a> fraud.</p> 
<h2 style="text-align: justify" id="netherlands-imposes-prison-sentence">Netherlands Imposes Prison Sentence</h2> 
<p style="text-align: justify">The imprisonment of Tornado Cash developer <strong>Alexey Pertsev</strong> by a Dutch court has increased control over such platforms. This situation illustrates the complexity of regulating cryptocurrencies, a decentralized <a href="https://newslinker.co/" data-wpel-link="exclude">technology</a> that transcends national borders.</p> 
<p style="text-align: justify">North Korea’s cryptocurrency laundering activities call on the international community to face the challenges in this area. A multifaceted approach is needed to solve the problem. Governments, regulatory bodies, and the cryptocurrency sector must address security vulnerabilities, increase transaction transparency, and collaborate to establish robust anti-money laundering frameworks. Only then can effective results be achieved against such activities.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/north-korea-launders-millions-using-cryptocurrency/" data-wpel-link="internal">North Korea Launders Millions Using Cryptocurrency</a></h5>

North Korea Launders Millions Using Cryptocurrency

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