Through its social networks, the Binance exchange said it is proud to cooperate with US authorities. In addition to seizing BRL 22 million worth of cryptocurrencies from a group of North Korean hackers, the action also froze their accounts.
In the note, Binance also stated that the technology behind cryptocurrencies is great for investigating and solving crimes, due to its transparency.
“We have been proactively taking action against accounts associated with these individuals for more than a year, pursuant to legally enforceable orders and in cooperation with law enforcement agencies.” wrote to Binance this Wednesday (24). “Blockchain offers a tremendous amount of transparency, allowing law enforcement to uncover these kinds of crimes.”
The blockchain offers a tremendous amount of transparency, allowing law enforcement to uncover these types of crimes. We work closely with authorities around the world every day to help prevent crimes and take action against wrongdoers.
— Binance (@binance) May 24, 2023
US seizes R$22 million worth of cryptocurrencies from North Koreans
While Binance held on to more technical details, US authorities went further in their statements, stating that North Korean hackers have ties to Kim Jong-un’s government.
“North Korea conducts malicious cyber activities and employs IT workers who fraudulently obtain employment to generate revenue, including virtual currency, to support the Kim regime. [Jong-un] and its priorities, such as its illegal weapons of mass destruction and ballistic missile programs.”
Then the US points out that hackers from North Korea have stolen billions in cryptocurrencies in recent years. In 2022 alone, estimated values are between R$3.15 and R$5 billion.
That is, the $22 million seized recently is a very small amount compared to the total moved by the hackers, but it’s a start. In addition to North Korea, the US also targets Russian criminals.
North Korean hackers receive state training: US
The US pursues its charges and also alleges that the North Korean government trains such individuals so that the profits are later distributed to the state.
“Pyongyang University of Automation is responsible for educating cybercriminals”points to the complaint. “Many of them work in cyber units under the Reconnaissance General Bureau – North Korea’s top intelligence arm and the main entity responsible for the country’s malicious cyber activities.”
After state training, the US claims that Korean hackers are infiltrating Russian and Chinese companies using fake identities, including projects related to cryptocurrencies.
“North Korean IT workers also use virtual currency exchanges and trading platforms to manage digital payments they receive per employment contract, and to launder and return these ill-gotten funds to North Korea.”
Source: Live Coins
Barry Siefert is an accomplished journalist and author at The Nation View. He is known for his expertise in the field of cryptocurrency, and has written extensively on the topic. With a background in finance and economics, Barry has a deep understanding of the underlying technology and market forces that drive the crypto industry.