05-24-2023 icon

Binance helps US authorities freeze $4.4M linked to DPRK cybercriminals

By Lucy Adegbe

Binance, the world’s largest cryptocurrency exchange, has helped US authorities freeze $4.4 million in cryptocurrency linked to North Korean cybercrime. The funds were seized from a number of accounts on the Binance platform, and the exchange is cooperating with the US government in its investigation.

The funds were allegedly stolen from a number of companies and organizations, including banks, cryptocurrency exchanges, and government agencies. The North Korean government is believed to be using the funds to support its nuclear and missile programs.

This is not the first time that Binance has helped US authorities in their fight against cybercrime. In 2021, the exchange froze $5.5 million in cryptocurrency linked to a ransomware attack on Colonial Pipeline.

Binance’s cooperation with US authorities is a sign of the company’s commitment to fighting financial crime. The exchange has a number of measures in place to prevent money laundering and terrorist financing, and it is constantly working to improve its compliance program.

The seizure of the $4.4 million is a significant victory in the fight against North Korean cybercrime. It is a sign that the US government is serious about disrupting the flow of funds to the North Korean regime, and it sends a message to other cryptocurrency exchanges that they will be held accountable for their role in facilitating financial crime.

The seizure of the funds is also a reminder of the growing threat of cybercrime. As more and more businesses and individuals use cryptocurrency, it is becoming an increasingly attractive target for criminals. It is important for everyone to be aware of the risks and to take steps to protect themselves from cybercrime