- The U.S. Treasury blacklisted the crypto-holding wallets with alleged ties to North Korea.
- Binance has faced several security breaches lately.
On May 23, the U.S. Treasury announced the blacklist of crypto holdings wallets with alleged ties towards the North Korean government. Based on the report, the Binance-located wallets received several cryptocurrencies worth $two million which were then delivered to its northern border Korean entities.
Treasury’s Office of Foreign Assets Control (OFAC) has blocklisted the crypto wallets which contain Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and Circle’s USDC. The wallet belonged to Sang-Man Kim, a 58-year-old North Korean citizen. The wallets were located through the world’s largest crypto exchange, Binance. Furthermore, the issue elevated was whether Binance positively controlled the wallets located through the exchange that any user could acquire.
Binance Integrated New Policies
Based on the blockchain data, there has been no transactions from all of these accounts within the this past year. In an announcement, the OFAC mentioned the DPRK conducts malicious cyber activities and deploys it. Furthermore, the staff member who fraudulently will get employment to acquire revenue. Which includes virtual currency to aid the Kim regime and it is priorities, for example illegal weapons of mass destruction and ballistic missile programs.
The exchange Binance has faced several security breaches because of its use by a few bad actors. Considering the current sanction through the U.S. Treasury, Binance didn’t immediately answer this problem.
Lately, Binance has fired alleged wallet makes up about efforts to bypass transactions. The exchange has continuously integrated the brand new policies to prevent those activities happening about this platform.