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The US government to seize crypto accounts linked to North Korean crypto hackers

North Korean Crypto Hackers

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The US government is presently making moves to seize about 280 fraudulent digital assets accounts belonging to North Korean crypto hackers.

In a report that has been circulated by news outlet, Reuters, it says that the United States government is seriously making moves to clampdown on the accounts belonging to the North Korean crypto hackers. 

According to the news report, the hackers were responsible for the theft of digital assets from two exchanges in America and laundered the funds via crypto traders from China. The Department of Justice in the US filed a lawsuit that would give them the power to seize the accounts, which is said to belong to several traders in China.

Authorities arrest money laundering gang in connection to the North Korean crypto hackers

According to the Department of Justice, this move is coming on the back of two key arrests that were made in March, which saw authorities arrest two Chinese citizens for money laundering. When quizzed thoroughly, the Chinese confessed that they were aiding North Korea to move funds and have moved a total of $100 million

Findings have revealed that North Korea has been making use of hackers to evade harsh, harsh effects of sanctions from the US. Brian Rabbitt, the Assistant General of the DOJ, said this action had exposed a long relationship between the North Korean crypto hackers and the Chinese money laundering gang.

North Korea has been using stolen money to fund the Pyongyang missile program

Different sanctions have been imposed on North Korea by the United Nations as far back as 2006 to cut the funds that would be used to complete the Pyongyang missile program. However, reports have been hinting towards the use of crypto funding for the missile program by the Asian country. 

Reportedly, North Korea has been able to provide an allocation of nothing less than $2 billion to ensure that the missile program goes as planned. According to the United Nations, the North Korean crypto hackers that the country possesses are of high grade and most of the money for the projects might have been generated via the attacks carried out.

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Kamsi King

King Kamsi is a fintech and digital currency writer and enthusiast. He is keenly interested in blockchain and cryptocurrency and their global adoption. When not busy with writing, he can be found hobnobbing in forums with the best minds in crypto, both developers and startup founders.

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