2 Chinese Hackers Charged for Laundering Over 0 Million by Hacking Cryptocurrency Exchange

Recently, the two Chinese nationals hacker Tian Yinyin and Li Jiadong have been charged with stealing more than $100 million in cryptocurrency by hacking cryptocurrency Exchange, which was reportedly abducted by North Korean hackers in the year of 2018. Well, Tian Yinyin and Li Jiadong bear the charges of money laundering, connivance, and conducting unlicensed money transferring business.

Thus, the U.S. governments said that North Korean hackers took nearly $250 million from an implicit currency exchange in 2018 before laundering the money by hundreds of activities to make the crime challenging to track.

Hence, the hackers are professedly behind the theft of about $50 million from a South Korean virtual currency exchange in the year 2019. 

“These defendants allegedly laundered covering a hundred million dollars value of the stolen cryptocurrency to cover transactions for the advantage of actors based in North Korea,” said the Assistant Attorney General Brian Benczkowski of the DOJ’s Criminal Division.

Thus, one of these hacks was a tremendous $250m break-in at an unnamed market in 2018, while, on the other hand, it included the theft of $48.5m in virtual currency from a South Korean exchange in November 2019.

In the case of the $250m theft, Tian transferred $34m of $91m transferred to the duo to a Chinese bank account, and carried $1.4 million into iTunes gift cards, as per to the U.S. Treasury.

Not only this but even it’s also demanded that their North Korean co-conspirators neglected virtual currency exchange know-your-customer checks by submitting doctored photographs and identification documents and papers. Thus, in total, 113 virtual currency accounts, and addresses were allegedly utilized to launder funds. 

Moreover, to the accusation, the prosecutors also registered a civil abandonment charge to retrieve the stolen funds, which suggests 113 virtual currency accounts and addresses that they state were done by Yinyin and Jiadong and their illegal co-conspirators. Well, the authorities assume a part of the stolen money has already been recovered.

Whereas, the Treasury Department also commanded bans on Yinyin and Jiadong, along with various cryptocurrency addresses.

The two-count accusation charges Yinyin and Jiadong with money-laundering intrigue and working unlicensed money transferring business.

Thus, on 2nd March, the U.S. Department of Treasury’s Office of Foreign Assets Control commanded sanctions on both the defendants and numerous cryptocurrency addresses for their support for ill-disposed activity connected to North Korean players.

Apart from all these things, in January, the U.S. imposed Ethereum developer Virgil Griffith with attacking North Korean sanctions.

He was detained in November and charged with conspiring to dishonor the International Emergency Economic Powers Act after moving to North Korea in April 2019 to revisit a cryptocurrency conference.

So, what do you think about this? Simply share all your views and thoughts in the comment section below.

Also Read: U.S Man Arrested for laundering $300 Million By Running Darknet-based Cryptocurrency laundering Service

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BALAJI is an Ex-Security Researcher (Threat Research Labs) at Comodo Cybersecurity. Editor-in-Chief & Co-Founder - Cyber Security News & GBHackers On Security.