Chinese helped North Korea with crypto laundering – US authorities

Chinese nationals helped to launder over $100 million of more than $250 million in crypto stolen by North Korean hackers

crypto laundering

Chinese nationals helped North Korea with crypto laundering – US authorities. Source: shutterstock.com

According to the US Department of Justice, Tian Yinyin and Li Jiadong were charged with money laundering conspiracy and operating an unlicensed money transmitting business.

They used 113 virtual currency accounts and addresses to launder funds. The forfeiture complaint seeks to recover the funds, a portion of which has already been seized.

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. These charges should serve as a reminder that law enforcement, through its partnerships and collaboration, will uncover illegal activity here and abroad, and charge those responsible for unlawful acts and seize illicit funds even when in the form of virtual currency
Timothy J. Shea, US Attorney of the District of Columbia 

In 2018, North Korean government-linked Lazarus Group hacked into a virtual currency exchange and stole nearly $250 million in crypto. Afterward, the money was laundered through numerous automated cryptocurrency transactions aimed to prevent law enforcement from tracing the funds.

Along with the $250 million 2018 hack, the North Koreans are said to be behind the theft of nearly $48.5 million in crypto from a South Korean exchange.

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