In a bold move to combat illicit activities, Binance, the renowned cryptocurrency exchange, announced the seizure of approximately $4.4 million in cryptocurrency connected to North Korean organizations.
These fronts, known for their involvement in cybercrime, were attempting to fund the notorious Pyongyang University of Automation, infamous for training North Korean hackers.
North Korea, subjected to stringent sanctions, has resorted to unlawful means to generate funds, including crypto theft.
The U.S. Department of Treasury identified the Pyongyang University of Automation as the training ground for cybercriminals affiliated with the nefarious 110th Research Center, which oversees the operations of the Lazarus Group and similar hacker collectives.
To finance these operations, North Korean IT professionals, often based in Russia and China, seek employment globally, transferring their salaries to their home government.
However, this latest endeavor was thwarted through collaborative efforts between the U.S. Government and Binance.
Brian Nelson, spokesperson for the U.S. Treasury, expressed gratitude to their “partners in the private sector” for their invaluable assistance.
This joint action serves to highlight the extensive network of illicit cyber and IT worker operations that North Korea employs to finance its unlawful weapons programs, including weapons of mass destruction and ballistic missiles.
The United States, along with its allies, remains resolute in its commitment to curbing the DPRK’s revenue-generating activities, as well as its relentless efforts to siphon money from financial institutions, virtual currency exchanges, companies, and individuals worldwide.
Binance’s successful seizure sends a clear message: global cooperation and vigilance are paramount in thwarting cyber threats and cutting off funding to rogue nations.