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The North Korea Crypto Laundering Scandal

North Korea's Crypto Heist

Millions Stolen Through Tornado Cash

North Korea has laundered a staggering 1475 million through the virtual currency platform Tornado Cash, according to a recent report by crypto analysis firm Chainalysis. This comes after the firm estimated that North Korea stole approximately 1bn in cryptocurrency in the first half of 2022 alone.

The United Nations has also released a report stating that North Korea stole more cryptocurrency assets in 2022 than in any other year. The country's cyber-attacks have stolen millions of dollars worth of cryptocurrency to fund the country's weapons programs. This is a serious threat to global security, as it could allow North Korea to develop nuclear weapons.

The United States has imposed sanctions on Tornado Cash, and the US Treasury Department has warned that any US person or entity that transacts with Tornado Cash could face penalties.