Binance crypto exchange has announced that it assisted US law enforcement in seizing $4.4 million worth of crypto connected to North Korean.
The announcement was made in a May 25, in which Binance said that it had worked with law enforcement in the United States to “hamper the illicit revenue generation activities” of four now-sanctioned entities in North Korea.
The four (4) entities that were sanctioned are the Chinyong Information Technology Cooperation Company, Pyongyang University of Automation, the 110th Research Center and the Technical Reconnaissance Bureau.
The Treasury Department’s Office of Foreign Assets Control (OFAC) alleged that these entities had engaged in “malicious cyber activities that support the Democratic People’s Republic of Korea (DPRK) Government.”
According to the Treasury Department, the Technical Reconnaissance Bureau “leads the DPRK’s development of offensive cyber tactics and tools and operates many departments, including those affiliated with the Lazarus Group.”
The Lazarus Group is a North Korean cybercrime group that has been linked to many high-profile hacks, including the $620 million hack on Axie Infinity’s Ronin Bridge in March 2022.
Binance said that it had proactively taken action against accounts connected to the four sanctioned entities over a year ago, in compliance with lawfully served warrants and in collaboration with law enforcement.
The company also said that it is “continuously monitoring our platform for nefarious nation state actors and collaborating with law enforcement.