When we think about cryptocurrencies, we often imagine anonymity, financial independence, and digital innovation. But like any tool, cryptocurrencies can be used in less ethical ways. North Korea, known for many actions on the edge of the law, is once again at the center of the international cryptocurrency community’s attention.
The American Federal Bureau of Investigation (FBI) informed cryptocurrency companies of suspicions that North Korea might soon try to cash out its illegally obtained bitcoins. In the last 24 hours, a consolidation of 1,580 BTC into six wallets by individuals and organizations related to North Korea has been noticed, including the well-known Lazarus and APT38 groups.
The FBI advises cryptocurrency companies to thoroughly analyze blockchain data related to these addresses, protecting themselves from direct transactions with or originating from them. Pyongyang’s goal seems to be generating revenue for the regime through various illegal activities, including cybercrime and cryptocurrency theft.
This is not the first time North Korea has been linked to cryptocurrency activities. Over the years, the state-supported Lazarus group has carried out many attacks. According to the CryptoSlate report, since 2017, hackers backed by North Korea stole cryptocurrencies from American companies worth $497 million. Among the most significant attacks last year were those on the Horizon Bridge and Ronin Bridge blockchains. This year also witnessed several significant cryptocurrency security incidents, including an attack on Alphapo and thefts from CoinsPaid and Atomic Wallet.
To counteract these activities, the US Treasury Department has taken steps towards imposing sanctions on several addresses linked to North Korea, and Binance cooperated with the US Treasury Department, helping to confiscate funds from individuals associated with these addresses.
However, it’s not just the USA paying attention to illegal cryptocurrency activities. A Briton, Christopher Douglas Emms, accused of assisting North Korea in circumventing imposed sanctions using cryptocurrencies, was arrested in Moscow by the Russian Interpol Bureau.
In the face of these challenges, the cryptocurrency world must remain vigilant. It’s not just about money, but credibility and trust in an ecosystem that can bring many benefits to the global economy. Therefore, it is essential for the cryptocurrency industry to join forces in combating illegal activities and protect its resources.
Photo by Thomas Evans on Unsplash
