North Korea's Alleged Crypto Move to BlackRock Creates Global Stir
North Korean hackers' ETH transfer to BlackRock via Tornado Cash raises eyebrows
Reports have surfaced linking North Korean hackers to a cryptocurrency transaction involving Tornado Cash and BlackRock, the largest asset management firm. The claim was made by a social media user on X (formerly Twitter), highlighting a 1 ETH transfer worth $3,270.
This situation could bring challenges for BlackRock due to the scrutiny around Tornado Cash and the Lazarus Group by US regulators for potential anti-money laundering (AML) violations.
In 2022, Tornado Cash faced legal issues with the US Treasury for its alleged role in facilitating cybercrime, with accusations of laundering over $7 billion in crypto since 2019.
Despite sanctions, North Korean hackers, believed to be from the Lazarus Group, continued their crypto laundering activities, shifting briefly to alternatives like Sinbad.io, but returned to using Tornado Cash after US authorities seized Sinbad.io.
The purpose of the small ETH transfer to BlackRock remains a mystery, raising questions about its intent.
BlackRock has yet to respond to these allegations. The firm is recognized for complying with US regulations, evident from its recent approval for a Spot Bitcoin ETF.
The involvement of BlackRock's blockchain addresses might not suggest collaboration but could be a move by the hackers to create controversy.
