Binance Freezes Accounts Connected to Alleged North Korean Cyber Crime


Published May 25, 2023 06:10AM ET

Updated May 25, 2023 06:30AM ET

Binance Freezes Accounts Connected to Alleged North Korean Cyber Crime

  • Binance helped US law enforcement in seizing $4.4 million and freezing accounts connected to North Korean hackers.
  • The US Treasury Department sanctioned North Korean institutions allegedly connected to cyber crimes.
  • The crypto exchange revealed that it took action against the accounts almost a year ago.

The leading crypto exchange, Binance, declared its involvement in the US Department of Treasury’s recent investigation into alleged North Korean cybercrime. The company revealed that it had assisted the authority in “seizing $4.4M and freezing accounts linked to North Korean organized crime”.

In a tweet shared on May 25, Binance acknowledged the efforts of US law enforcement as well as the company’s investigation team for “their unwavering commitment to combating crime worldwide”:

The four organizations that were sanctioned by the department included the Pyongyang University of Automation, the Chinyong Information Technology Cooperation Company, the Technical Reconnaissance Bureau, and the 110th Research Center. The authority also charged an individual, King Sang Man, who allegedly served as a paymaster for the fraudulent activities.

North Korea’s cyber-attacks have been a topic of discussion for many years. The U.S. alleges that the nation engages in malicious attacks with the intention to finance illicit activities. Recently, another attack was attributed to a North Korean group, Bluenoroff, which deployed the RustBucket malware, targeting macOS users.

The post Binance Freezes Accounts Connected to Alleged North Korean Cyber Crime appeared first on Coin Edition.

See original on CoinEdition

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