Major 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 continued commitment to fighting international cybercrime.
Binance’s action was in response to court orders served over a year ago. The company’s collaboration with law enforcement allowed them to proactively suspend accounts connected to individuals involved in the malicious activities.
Binance underscored the role of blockchain technology in this investigation, highlighting its ability to provide meaningful transparency and help law enforcement uncover these types of crimes. They also mentioned his daily collaboration with authorities around the world to prevent illegal activities and punish perpetrators.
The collaboration with Binance was part of a larger crackdown by the US Department of Treasury’s Office of Foreign Assets Control (OFAC), which sanctioned multiple entities and a person linked to the government of the Democratic People’s Republic of Korea (DPRK) for its revenue share. malicious generation and cyber activities.
These activities included fraudulent employment in the IT sector and malicious cyber-attacks aimed at generating virtual currency to support the Kim regime and its illegal weapons of mass destruction and ballistic missile programs. The Treasury noted that North Korea’s cyber activities have been on the rise, with virtual currency thefts in 2022 surpassing any previous year.
Binance’s cooperation with US law enforcement reflects a broader trend of collaboration between blockchain companies and regulatory authorities to combat illicit activities in the digital currency space.
