Crypto

North Korea launders $147.5 million in stolen cryptocurrency, UN experts reveal

Published

2 years ago

May 15, 2024

North Korea launders 7.5 million in stolen cryptocurrency, UN experts reveal

North Korea funnelled $147.5 million through the cryptocurrency mixer platform Tornado Cash in March, according to a confidential report by United Nations sanctions monitors reviewed by Reuters.

This illicit activity follows a hack on the HTX cryptocurrency exchange late last year, marking a major case in a broader pattern of North Korean cyber thefts targeting digital currency platforms.

The UN monitors reported to the Security Council sanctions committee that they have been investigating 97 suspected North Korean cyberattacks on cryptocurrency firms from 2017 to 2024, with total stolen funds amounting to approximately $3.6 billion.

The $147.5 million laundered in March was linked directly to the HTX exchange breach, based on data from crypto analytics firm PeckShield and blockchain research firm Elliptic.

In 2024 alone, the monitors have scrutinised 11 cryptocurrency thefts valued at $54.7 million, noting that many of these attacks might have been inadvertently facilitated by small crypto-related companies hiring North Korean IT workers.

These workers, operating abroad, reportedly generate substantial income for the isolated nation, which continues to face severe international sanctions aimed at curbing its nuclear and missile programs.

North Korea, officially known as the Democratic People’s Republic of Korea (DPRK), has been under UN sanctions since 2006.

Despite these measures, the country has continued to find ways to finance its prohibited activities, including through cybercrime and the use of virtual currency mixers like Tornado Cash.

The US sanctioned Tornado Cash in 2022 for allegedly supporting North Korean money laundering activities.

In 2023, two of its co-founders were charged with facilitating over $1 billion in illicit transactions, including for a North Korean cybercrime group.

Virtual currency mixers like Tornado Cash function by blending cryptocurrencies from various users, obscuring the origin and ownership of the funds.

This makes them attractive tools for laundering stolen cryptocurrency.

Lawyers for Tornado Cash co-founder Roman Storm, who pleaded not guilty to US charges in September, did not immediately respond to requests for comment.

The UN sanctions monitors faced a setback when their mandate expired at the end of April due to a Russian veto against its renewal.

Despite this, some monitors submitted incomplete work, including the findings on North Korea’s cryptocurrency activities, to the Security Council’s North Korea sanctions committee.

In addition to cyber theft, the UN monitors have been investigating reports of Russia releasing $9 million of North Korea’s frozen assets and allowing Pyongyang to open an account at a Russian bank in South Ossetia.

This arrangement is reportedly aimed to enhance North Korea’s access to international banking networks.

Furthermore, the monitors observed continued maritime activities suggesting ongoing arms trade between North Korea and Russia.

Ships suspected of carrying weapons have been seen travelling between North Korea’s Rajin port and Russian ports like Vladivostok and Vostochny.

China has also been implicated, with a North Korean vessel reportedly undergoing maintenance at China’s Ningbo port.

The US and its allies have accused North Korea of supplying weapons to Russia for use in the ongoing conflict in Ukraine, a charge both Moscow and Pyongyang deny.

However, both nations have committed to deepening their military cooperation.

In an additional report last month, UN monitors confirmed that debris from a missile that landed in Kharkiv, Ukraine, in January was from a North Korean Hwasong-11 series ballistic missile.

This highlights North Korea’s ongoing missile development and potential involvement in global conflicts.

North Korea’s evasion of UN sanctions continues to be a significant issue.

The monitors documented 208 voyages by North Korean cargo ships suspected of offloading coal in Chinese waters, often through ship-to-ship transfers.

Chinese Coast Guard vessels were observed in proximity to these transfers, raising questions about enforcement and compliance with international sanctions.

The Chinese mission to the UN did not immediately respond to requests for comment on these findings.

(With inputs from Reuters)

Shashwat Sankranti

Breaking and writing stories for WION’s business desk. A literature nerd, closeted poet and a novelist (in the making).

Related Topics:Business & Economy News north korea wionews.com

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Crypto

Cryptocurrency Exchanges Brace for Japan’s New Regulations

Published

6 hours ago

November 28, 2025

Press Room

Cryptocurrency Exchanges Brace for Japan’s New Regulations

Circle Internet Group Inc. stocks have been trading up by 11.22 percent driven by anticipated strategic partnership announcements.

Key Takeaways

Japan’s financial watchdog aims to enforce new regulations requiring cryptocurrency exchanges, including Circle Internet, to set aside reserves against liabilities.
Circle Internet (CRCL) will disclose its earnings report soon; the anticipated earnings consensus is 18 cents per share.
These developments come amid turbulent times in the crypto and tech spheres, with CRCL amongst companies preparing for potential impacts.

Live Update At 12:14:02 EST: On Friday, November 28, 2025 Circle Internet Group Inc. stock [NYSE: CRCL] is trending up by 11.22%! Discover the key drivers behind this movement as well as our expert analysis in the detailed breakdown below.

Quick Financial Overview

Circle Internet, represented by the ticker CRCL, is gearing up for its upcoming earnings announcement. Historically, the company’s financial landscape is marked with ups and downs; notable profit margins are missing, casting uncertainties. Nonetheless, a fresh earnings report might bring rays of hope.

In the recent market, highlights showcase a price range progression with notable volatility—opening at $75.31 and climbing to an admirable $81.48 before settling around $80.8. This showcases the company’s resilience amidst challenges but also hints at possible fluctuations ahead.

Analyzing the financial statements shows that CRCL has key concerns in its profitability ratios. For instance, the company has negative figures in its pre-tax profit and operating margins, revealing the fiscal adversities it grapples with. The gross margin, however, remains robust at 79.4%, signaling efficient production. Despite this upside, its quick liquidity ratios, like the current ratio being 1, indicate limited room to maneuver in crises, necessitating strategic agility in the face of unpredictable economic climates.

Regulatory Changes and Market Dynamics

Japan’s decision to compel cryptocurrency exchanges to hold reserves as a safeguard has undeniably put a spotlight on Circle Internet. This proactive move highlights regulatory bodies recognizing potential risks within the burgeoning world of cryptocurrencies. It is a move that aims to preempt vulnerabilities in the sector, ensuring investor protection and curbing unforeseen financial fallouts, especially in hack-prone digital worlds.

For Circle Internet and other affected companies, this is a time for strategic readjustments and protective measures. The market, already sensitive to any regulatory changes, might oscillate between optimism and caution as this unfolds. CRCL stocks need a careful watch as investor sentiment may shift dramatically based on compliance costs and operational changes that might arise post this regulation.

Discussing the speculative impact of this move requires understanding the swimming tides in financial reservoirs in CRCL’s favor or against it. As news spreads, investor trust in CRCL’s crisis management and innovation capabilities will prove critical.

The Road Ahead

Navigating these new waters, CRCL stands at a critical juncture where trader confidence lies heavily tethered to regulatory compliances and earnings outcomes. As the threads connecting cryptocurrency operations to broader financial safety tighten, adopting proactive strategies and mitigating transactional risks while aligning with regulatory standards becomes indispensable. As Tim Bohen, lead trainer with StocksToTrade says, “I never chase price. The best opportunities allow me to enter on my terms, not when I’m feeling pressured.” This sentiment resonates with the current climate where strategic patience is invaluable.

Circle Internet’s forthcoming earnings announcement is poised either as a reassurance or an escalation point dependent on performance metrics vis-à-vis expectations. News on recent financial commitments will unveil glimpses into upcoming strategic expansions or contractions, bearing a profound influence on market dynamics.

In conclusion, CRCL’s journey ahead is layered with complexities. The aggregation of regulatory actions and corporate disclosures during this defining window will unfurl a robust picture, constraints, and opportunities alike. How Circle Internet maneuvers these nuances will certainly delineate its trajectory and its stakeholder’s fortunes related to it.

This is stock news, not investment advice. StocksToTrade News delivers real-time stock market updates tailored to highlight the key catalysts driving short-term price movements. Our coverage is designed for active traders and investors who thrive in fast-moving markets, with a focus on volatile sectors like penny stocks, AI stocks, Robinhood stocks and other momentum plays. From earnings reports and FDA approvals to mergers, new contracts, and unusual trading volume, we break down the events that can spark significant price action.

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Crypto

Blackrock’s Bitcoin ETF Nears Breakthrough as SEC Weighs Expansive 1M Options Limit

Published

1 day ago

November 27, 2025

Press Room

Blackrock’s Bitcoin ETF Nears Breakthrough as SEC Weighs Expansive 1M Options Limit

Blackrock’s bitcoin ETF enters a pivotal moment as Nasdaq seeks SEC approval for a 1M-contract IBIT options cap, signaling stronger liquidity, deeper institutional activity, and enhanced transparency across the regulated crypto-linked derivatives market.

Crypto

Be cautious of cryptocurrency ATMs – Enterprise Media

Published

2 days ago

November 27, 2025

Press Room

Cryptocurrency ATMs (sometimes known as crypto ATMs or Bitcoin ATMs) are playing a bigger role in scams than ever before. Data from the Federal Trade Commission shows consumers reported over $100 million in losses per year, and there are no signs that it is slowing down. Scammers are capitalizing on the accessibility of these machines, and they are employing tried-and-true […]