Sanctioned Crypto Wallet Linked to North Korean Hackers Keeps On Laundering

It’s a game of wallet whack-a-mole despite Tornado Cash’s efforts. For now, the hackers appear to be winning.

An allegedly North Korean Ethereum wallet tied to March’s $600 million crypto hack continued to launder its stolen ETH Friday in defiance of U.S. sanctions.

The blacklisted address that U.S. authorities say is controlled by North Korea’s elite “Lazarus” hacker group sent 2,915 ETH (around $8.8 million) to the cleaners this morning New York time, a day after federal officials listed it on its sanctions database.

Making a brief pit stop at a fresh, unsanctioned wallet, its crypto quickly flew through the popular coin mixer Tornado Cash, where the trail went cold.

It was a continuation of what one tracing expert told CoinDesk is a brute-force laundering strategy tailored for speed – even at the expense of some of the treasure. One month after draining the Ronin Bridge of over $600 million in crypto, the hackers are pushing their trove through Tornado Cash, about $10 million at a time.

Tracing company Elliptic on Thursday estimated the Ronin hackers have laundered $80 million through Tornado Cash. Friday morning’s transactions likely add at least another $8 million to this sum. It’s unclear how much Lazarus can successfully launder for its own purposes.

Open book

Ethereum’s transparent transaction ledger reveals the gambit.

For the last 10 days, the “Ronin Bridge Exploit” address has sent multimillion-dollar batches of ETH to intermediary wallets for processing through Tornado Cash. It moves fast, depositing 100 ETH tranches into Tornado Cash in a matter of hours and abandoning the relatively small sums that remain.

Read this article on CoinDesk

Trading Signals

Get Free Daily Trading insight

Follow US:

StocksJar Is A Comprehensive Investing Tool And Social Trading Network For Private Investors And Day Traders To Help Them To Gain An Advantage Before Trading.

this website uses cookies

We use cookies to ensure you get the best experience on our website. To learn more about cookies, including how to control cookies please read our cookies policy.