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US TREASURY DEPARTMENT COMMENT ON N.KOREA FOR CRYPTO HACKS

US TREASURY DEPARTMENT COMMENT ON N.KOREA FOR CRYPTO HACKS

North Korea's Crypto hacks help finance its weapons of mass destruction, said Brian E. Nelson of the US Treasury Department during a recent visit to South Korea.


Quick facts

Nelson met with representatives of the South Korean Financial Services Commission (FSC) and the Financial Intelligence Unit (KoFIU) on Tuesday to discuss digital assets, cybersecurity security and the fight against money laundering.


The Secretary of the Treasury for Terrorism and Financial Intelligence has told the media that he has discussed future ways to co-operate in punishing North Korea.


In March this year, Ethereum sidechain Ronin, running a popular gaming console for Axie Infinity, was robbed of more than US $ 620 million in crypto.


The Ministry of Finance and the Federal Bureau of Investigation (FBI) suspect that the robbery was perpetrated by a corrupt government.


North Korean government-backed Lazarus Lazarus reportedly stole digital assets worth US $ 400 million last year, according to blockchain research company Chainalysis.


The cyberattacks attack on crypto is being used to fund the world's nuclear weapons and ballistic missile missions, reports the Reuters news agency, citing a United Nations report.


Last month, the U.S. Treasury Regulatory Office (OFAC) approved a merger with Blender.io (Blender) for allegedly helping North Korea hide profits from its crypto-related activities.

Source: yahoo




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