Binance Collaborates with U.S. Authorities to Seize $4.4 Million in Crypto Assets Linked to North Korean Cybercriminals

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Tue, 26 Sep 2023, 11:16 PM
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Binance Collaborates with U.S. Authorities to Seize $4.4 Million in Crypto Assets Linked to North Korean Cybercriminals

Leading Cryptocurrency Platform Takes Active Role in Disrupting Illicit Activities

Thu, 25 May 2023, 14:13 pm UTC

In an unprecedented move, Binance, the world's leading cryptocurrency platform, has announced its collaboration with U.S. legal authorities to aid in the confiscation of crypto assets tied to cybercriminal groups originating from North Korea. The seized digital assets have a combined value of an astounding $4.4 million.

Through a series of Twitter posts, Binance revealed how its specialized Binance Investigations team worked closely with U.S. law enforcement to disrupt the illicit money-making operations of four North Korean entities, who have now been officially sanctioned.

Binance emphasized its proactive stance on the matter by disclosing that it had blocked accounts associated with these groups over a year ago. This action was not only in response to legal warrants but also part of a collaborative effort with law enforcement agencies.

When questioned about potential future cooperative measures, a representative from Binance hinted at the company's ongoing vigilance against malicious activities orchestrated by state-supported actors. The representative underscored Binance's commitment to maintaining a robust partnership with law enforcement.

On May 23, the U.S. Department of the Treasury's Office of Foreign Assets Control issued a statement announcing sanctions against four North Korean entities and individuals. These entities, namely the Chinyong Information Technology Cooperation Company, Pyongyang University of Automation, the 110th Research Center, and the Technical Reconnaissance Bureau, are accused of assisting the Democratic People's Republic of Korea (DPRK) Government through harmful cyber activities.

Reports suggest that these entities employ thousands of skilled workers worldwide, involved in generating illicit revenue that allegedly fuels illegal weapons and missile programs. Using forged or stolen identities, these employees secure overseas IT positions, particularly in the technology and cryptocurrency sectors, and transfer their earnings back to North Korea through crypto exchanges.

Additionally, sanctions have been imposed on an individual named Kim Sang Man, who is alleged to manage the payment of salaries to family members of Chinyong's overseas workforce from North Korea. Kim Sang Man is also known to have received $2 million in cryptocurrency through the sale of IT equipment to DPRK-connected teams in China and Russia.

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