Collaboration Against Cybercrime: Binance and US Forces Freeze Funds Linked to North Korean Hackers

Lois Zaytsaw
Lois Zaytsaw Currency News
3 Min Read

While American regulation continues to impact Bitcoin and cryptocurrencies, the US government also demonstrates its ability to collaborate with allies during international conflicts . Recently the cryptocurrency platform Binance achieved a significant victory against North Korean cybercriminals with the support of US forces . Through close cooperation with the US Treasury Binance successfully froze $4 .4 million from suspicious accounts identified as North Korean .

Binance’s Success in Combating North Korean Cybercriminals

In a Twitter thread Binance, a global leader in cryptocurrencies announced its successful collaboration with American forces in a long-term investigation . Proactive measures implemented by Binance over a year ago enabled the freezing of accounts associated with hackers . Binance expressed pride in assisting US law enforcement in seizing funds linked to North Korean organized crime and praised the commitment of their investigative team and law enforcement partners in fighting global crime .

collaboration against cybercrime binance and us forces freeze funds linked to north korean hackerss

Entities Linked to Lazarus and Illegal Financing

The frozen $4 .4 million is believed to belong to entities affiliated with the infamous North Korean hacker group Lazarus which is considered the top cyber enemy of the United States . Among the entities targeted in the joint operation the Chinyong Information Technology Cooperation Company played a significant role in the illegal financing of the North Korean regime . This company employs thousands of highly skilled IT workers globally and is allegedly involved in generating revenue for illicit weapons programs .

Sophisticated Money Laundering Schemes

The Chinyong Information Technology Cooperation Company is accused of deploying sophisticated schemes to launder cryptocurrency payments and transfer them to North Korea . Workers are reportedly using fake or stolen identities to secure tech and crypto-related jobs abroad . Once employed they operate a money transfer system contributing to the illicit activities of the regime .

Binance’s Collaboration with US Regulators

Despite encountering setbacks with US regulators this is not the first time Binance has collaborated with them . In the historic investigation of the Axie Infinity hack Binance successfully targeted Lazarus and froze $5 .8 million . However this amount pales in comparison to the $624 million stolen during the hack .

Share this Article
Lois Zaytsaw
By Lois Zaytsaw Content Editor, Financial Writer
Meet Lois, a dynamic Crypto, Blockchain, and Finance Writer/Journalist based in the bustling metropolis of New York City. With a passion for technology and a keen understanding of finance, Lois has been covering the latest developments in the world of cryptocurrency and blockchain for several years. Her insightful articles have been featured in numerous leading publications, including The Wall Street Journal, Bloomberg, and CryptoBriefing. Lois' fascination with blockchain and cryptocurrency began during her time as a student at university, where she studied economics and computer science. She was drawn to the disruptive potential of blockchain technology to revolutionize the traditional financial industry, and since then, she has been following the latest trends and innovations in the space.
Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *