Binance, a major cryptocurrency exchange, recently announced the seizure of approximately $4.4 million in cryptocurrency that belonged to North Korean organizations operating domestically and abroad. The annexation occurred on the grounds of sanctions slapped against the rogue nation, as its agents had often relied on illegal means to raise funds. The funds seized were meant for Pyongyang University of Automation, known for training North Korean hackers, and North Korean Technical Reconnaissance Bureau, which employs these bad actors.
Brian Nelson, a spokesperson for the U.S. Treasury, recognized the “partners in the private sector” for their assistance with stopping this batch of funding. This move is a part of the country’s and its allies’ continual fight against widespread illicit cyber activity and IT worker operations by North Korea that function as a means to finance illegal weapons and ballistic missile programs, steal money from financial institutions, virtual currency exchanges, companies, and private individuals worldwide.
Binance has previously received backlash for allowing cyber-criminals and radical groups to receive funding from sympathizers worldwide. However, the firm has taken steps to prevent such instances and claims to do everything in its power to stop these actions. Cybersecurity is a numbers game, and it is challenging to stop every bad actor that tries to squeeze through the net. Binance’s team and other organizations diligently work to detect and prevent illicit activities. However, these organizations do not announce which bad actors they stopped, as it would help others evade detection.
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About the author - J-S Tremblay
I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...
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