North Korean crypto wallets sanctioned; Binance says it helped Treasury seize $4.4M

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The U.S. Treasury’s Office of For­eign Assets Con­trol (OFAC) sanc­tioned sev­er­al address­es linked to North Kore­an cyber­crime on May 23.

Six wallets sanctioned

OFAC sanc­tioned six cryp­to address­es belong­ing to North Kore­an nation­al Kim Sang Man, who was involved in cyber activ­i­ties and fraud­u­lent IT work­er job place­ments that gen­er­at­ed rev­enue for North Korea’s gov­ern­ment and weapons programs.

The list of sanc­tioned address­es includes two Bit­coin (BTC) address­es, two Ethereum (ETH) address­es, one Teth­er (USDT) address, and one USDC address.

OFAC also sanc­tioned four orga­ni­za­tions relat­ed to Kim and the scheme, includ­ing the Chiny­ong Infor­ma­tion Tech­nol­o­gy Coop­er­a­tion Company.

OFAC said that Kim has received more than $2 mil­lion of cryp­to from IT work­ers as recent­ly as 2021. It did not state whether this rep­re­sents all rel­e­vant funds.

Binance helped seize $4.4M

Binance sep­a­rate­ly announced that it helped the U.S. Trea­sury seize $4.4 mil­lion linked to involved indi­vid­u­als by tak­ing action against the rel­e­vant accounts.

Binance said that com­pa­ny mem­bers act­ed in com­pli­ance with war­rants served. It not­ed that blockchain ledgers pro­vide a “tremen­dous amount of trans­paren­cy,” which allows employ­ees to pro­vide rel­e­vant infor­ma­tion to law enforcement.

OFAC did not men­tion Binance’s assis­tance in its announce­ment today.

In past reports, Binance sug­gest­ed that it had frozen more than $5 mil­lion relat­ed to North Kore­an cryp­to crime, though it appears that this action was relat­ed to a sep­a­rate $600 mil­lion attack on the Axie Infin­i­ty and Ronin Net­work projects.

Binance is empha­siz­ing its com­mit­ment to law enforce­ment and com­pli­ance amidst com­plaints from U.S. reg­u­la­tors and pri­vate jour­nal­ists alike.

The post North Kore­an cryp­to wal­lets sanc­tioned; Binance says it helped Trea­sury seize $4.4M appeared first on Cryp­toSlate.

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