Two Chinese Nationals Charged with Laundering Over $100 Million in Cryptocurrency From Exchange Hack

2020-03-02 USJustice

https://www.justice.gov/opa/pr/two-chinese-nationals-charged-laundering-over-100-million-cryptocurrency-exchange-hack

The U.S. Justice Department charged Tian Yinyin and Li Jiadong with laundering more than $100 million in cryptocurrency tied to exchange hacks attributed in court filings to North Korean actors. The complaint says North Korean co-conspirators stole nearly $250 million from a virtual-currency exchange in 2018, laundered funds through hundreds of automated transactions, bypassed KYC controls with doctored photos and false identification, and used some proceeds to pay for infrastructure for North Korean hacking campaigns against the financial industry. The same filings also tie North Korean actors to a November 2019 theft of about $48.5 million from a South Korea-based exchange and identify 113 virtual-currency accounts and addresses for forfeiture.

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