• Press Releases
    • Submit a press release
    • Read All
  • Contact us
Advertise
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
        • Ethereum Casinos
        • Solana Casinos
        • LiteCoin Casinos
        • DogeCoin Casinos
        • Live Crypto Casinos
        • New Casinos
        • Instant Withdrawal Casinos
        • Cash App Casinos
        • No KYC Casinos
        • VPN Casinos
        • Offshore Casinos
          • Crypto Casinos IT
          • Crypto Casinos ES
            • All Guides
          • Crypto Casinos JP
          • Crypto Casinos SG
          • Crypto Casinos MY
          • Crypto Casinos KR
          • No GAMSTOP Casinos in UK
          • No Cruks Casinos NL
      • Crypto Betting
        • No ID sportsbooks
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
        • Aviator Sites
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Bitcoinist.com
No Result
View All Result
Breaking News: Ledger CTO Warns Of Crypto Clipper Malware Following Major NPM Breach
crypto north korea

Chinese Citizens Launder $100M for North Korean Crypto Hackers

Christina Comben
by Christina Comben
5 years ago
·
Posted in News, News teaser
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In a case that reveals the extent to which North Korea has been using crypto to circumvent international sanctions, two Chinese nationals were charged with laundering more than $100mn for North Korean hackers.


North Korean Crypto Hackers Aided By Chinese

This Monday, the U.S. Justice Department charged the two men amid court filings that unravel Pyongyang’s use of cyberattacks and hacks to get around global sanctions imposed against it.

According to an indictment filed in federal court and revealed on Monday in Washington, D.C., the two accused Chinese individuals had been helping North Korea launder crypto obtained through hacks and cyber theft between Dec 2017 and April 2019. 

They used various different methods to obfuscate the trail of the stolen crypto from the police. According to the official statement, Assistant Attorney General Brian Benczkowski said :

These defendants allegedly laundered over a hundred million dollars worth of stolen cryptocurrency to obscure transactions for the benefit of actors based in North Korea.

Some of these funds, it was revealed, had been obtained by North Korean hackers from a hack of a virtual currency exchange in 2018. The statement mentions no names here, but based on the value of the crypto, signs would point to Japanese exchange Coincheck that was hacked for around $534mn that same year.

The funds were then cleverly laundered using dusting techniques that sent hundreds of automated transactions designed to obfuscate the source of the funds.

Circumventing Sanctions With Digital Assets

We have heard of countries proposing their own cryptocurrencies in a bid to circumvent sanctions, including Iran and Venezuela. However, these have not proven to have enough people willing to transact in them.

So, North Korea, a country that has suffered international sanctions over its ballistic missile program since 2006 has been using other methods. According to the documents filed in the U.S. court, at least some of these ill-gotten funds were used to help North Korea pay for further cyberattacks.

crypto north korea
crypto north korea

The same North Korean hackers have also been implicated in a November attack on Upbit exchange in Nov 2019 in which approximately $48mn in crypto was stolen. U.S. Attorney Timothy Shea of the District of Columbia said in the statement: 

The hacking of virtual currency exchanges and related money laundering for the benefit of North Korean actors poses a grave threat to the security and integrity of the global financial system.

$2bn Designated for Weapons of Mass Destruction

According to a confidential United Nations report from last year, cited in Reuters, North Korea has generated approximately $2bn to build its weapons of mass destruction through “widespread and increasingly sophisticated” cyberattacks. 

Through its recent turn toward crypto, the country has been able to generate income in new ways that are less subject to government oversight and regulation.

North Korea denied all allegations by the U.N. Pyongyang insisted that they were nothing more than a “fabrication” and an attempt to tarnish the country’s image. However, these latest charges provide a mounting pile of evidence. 

They also add to the charging of Ethereum developer Virgil Griffith for allegedly helping North Korea to use crypto to evade U.S. sanctions after he attended a cryptocurrency conference in North Korea last year.

Prosecutors maintained that Griffith and other delegates had discussed ways in which cryptocurrency could be used to launder money and evade sanctions. Griffith’s lawyer denied and rejected the charges.

Are you surprised to find that Chinese nationals assisted North Korean crypto hackers? Add your thoughts below!


Images via Shutterstock

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Christina Comben

Christina Comben

Follow

Full Profile

Related Posts

solana-analyse-tendance-leviers-techniques

Solana en route vers les 300 $ : analyse de la tendance des leviers techniques

1 week ago
stablecoins

Yuan-Pegged Stablecoins On The Horizon As Beijing Rethinks Policy

2 weeks ago
Bitcoin

Strategy’s Bitcoin Gameplan Faces Dark Outlook As Expert Warns Of ‘Spiral Of Doom’

2 weeks ago
Bitcoin

Bitcoin Strategist Sounds Alarm On Rising Violent Attacks In 2025

4 weeks ago
Trump

Eric Trump Says ETH Shorts ‘Got Smoked’ As Bitcoin, Ethereum Surge

4 weeks ago
XRP

XRP Investors Targeted: Ripple Flags Surge In YouTube Scams

1 month ago
Please login to join discussion

Premium Sponsors

Press Releases

  • miner

    COME Mining cloud mining is becoming a new way to play with...

    3 hours ago
  • How ALL4 Mining Cloud Mining Unleashes XRP’s...

    3 hours ago
  • Domain Scams

    Scam Coinomize Domains: How to Spot and Stop Domain Scams

    5 hours ago
  • miner

    New hope for XRP holders: Switch strategies and earn $7,481...

    7 hours ago
  • miner

    ETF fever sweeps the market, BAY Miner cloud mining allows...

    8 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

About Us

  • Advertise
  • Contact us
  • Editorial Policy
  • Privacy Policy
© 2025 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
    • Price
      • Bitcoin Price
      • Ethereum Price
      • Binance Coin Price
      • Litecoin Price
  • Industry
    • Industry News
    • Press Releases
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • How to do Crypto Gambling
      • Crypto Casinos
      • Crypto Betting
    • Play Crypto Games
      • Crypto Poker
      • Crypto Slots
      • Crypto Blackjack
      • Crypto Crash Gambling
      • Plinko
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Events
  • Play Games
Advertise

© 2025 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.