U.S. Treasury sanctions North Korean crypto entities, flags multiple Binance wallets Cryptocurrencies
According to the OFAC, North Korea engages in a wide range of “malicious cyber activities” and uses its own IT personnel to secure international technology jobs under fraudulent pretexts.
According to a Feb. 1 report from blockchain research firm Chainalysis, North Korean entities including Lazarus Group are the single largest source of crypto hacks and theft in the world. “In 2022, they shattered their own records for theft, stealing an estimated $1.7 billion worth of cryptocurrency” out of the global total of $3.9 billion, they wrote.
The OFAC claimed the Technical Reconnaissance Bureau “leads the DPRK’s development of offensive cyber tactics and tools and operates several departments, including those affiliated with the Lazarus Group.” The Treasury said these workers use “fake personas, proxy accounts, stolen identities, and falsified or forged documentation” to get hired by companies based in wealthy countries, and can earn upwards of $300,000 each per year.
The Treasury announcement also contributed to more bad press for Binance, as Coindesk reported soon afterward that several of the DPRK-controlled crypto wallets listed by the OFAC were hosted by Binance. According to the OFAC, a number of sanctioned wallets containing bitcoin, ether, USDT and USDC belonged to Sang Man Kim, a 58-year-old North Korean citizen.
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