National security officials from the United States, South Korea and Japan met to address growing concerns about North Korea’s involvement in cryptocurrency thefts and use of illicit funds to support its weapons of mass destruction (WMD) programs. Key figures such as US National Security Advisor Jake Sullivan, Republic of Korea National Security Advisor Cho Tae-Yong and Japanese National Security Advisor Takeo Akiba attended the high-level meeting held in Seoul, the capital of South Korea.
Tripartite initiative against cryptocurrency activities
The National Security Advisers discussed and reviewed progress on various trilateral initiatives aimed at addressing regional crises and countering the ongoing weapons programs of the Democratic People’s Republic of Korea (DPRK). These initiatives have included consultations on regional crises, sharing of ballistic missile defense data, and joint efforts to respond to the Democratic People’s Republic of Korea’s use of cryptocurrency to finance illegal weapons of mass destruction work.
In a statement from the White House, officials emphasized the importance of cooperation in addressing North Korea’s crypto-related activities. While the focus extends to the theft of billions of dollars from various crypto projects, particular mention was made of Lazarus Group, a hacking organization with ties to North Korea that allegedly stole over $600 million from Axie Infinity’s Ronin Bridge last year.
OFAC takes action against North Korean hackers
The US Treasury Department’s Office of Foreign Assets Control (OFAC) has taken decisive action against North Korean hackers involved in cryptocurrency-related crimes. OFAC has sanctioned several mixers believed to have been used by DPRK hackers to launder stolen funds. Notably, last week OFAC added two crypto addresses associated with the Sinbad mixer to its sanctions list.
OFAC’s measures include banning various wallet addresses and individuals from the global financial system. The sanctions are in response to allegations that these organizations supported efforts to launder funds for North Korea’s weapons program. In particular, privacy tool Tornado Cash and its developers have faced significant scrutiny, with more than $100 million in stolen crypto allegedly passing through the mixing service.
Global moves attract attention
The joint efforts of the United States, South Korea and Japan underline the global determination to combat the DPRK’s illegal activities in the crypto space. As countries collaborate on trilateral initiatives and impose sanctions to thwart North Korea’s crypto thefts, the international community is sending a clear message about the need to address the intersection of cryptocurrency and national security.
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