Binance Aids US Law Enforcement in Seizing $4.4 Million Linked to North Korean Cybercrimes
Terrill Dicki May 25, 2023 02:11
Leading cryptocurrency exchange Binance has assisted US law enforcement in seizing $4.4 million and freezing accounts associated with North Korean organized crime.
Leading cryptocurrency exchange Binance has assisted US law enforcement in seizing $4.4 million and freezing accounts associated with North Korean organized crime. This announcement was made in a series of tweets from the company, demonstrating its ongoing commitment to combating international cybercrime.
The action by Binance was in response to lawful warrants served over a year ago. The firm's collaboration with law enforcement allowed them to proactively suspend accounts connected to the individuals involved in the malicious activities.
Binance underscored the role of blockchain technology in this investigation, highlighting its capacity to provide significant transparency and aid law enforcement in uncovering these types of crimes. They also mentioned their daily collaboration with authorities worldwide to prevent illegal activities and penalize the perpetrators.
The collaboration with Binance was part of a larger crackdown by the US Department of the Treasury’s Office of Foreign Assets Control (OFAC), which sanctioned several entities and one individual linked to the Democratic People’s Republic of Korea (DPRK) government for their involvement in revenue generation and malicious cyber activities.
These activities included fraudulent employment in the IT sector and malicious cyberattacks aimed at generating virtual currency to support the Kim regime and its unlawful weapons of mass destruction and ballistic missile programs. The Treasury noted that North Korea's cyber activities have been increasing, with thefts of virtual currency in 2022 exceeding any previous year.
Binance's cooperation with US law enforcement reflects a broader trend of collaboration between blockchain businesses and regulatory authorities to combat illicit activities in the digital currency space.
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