May 23, 2024
Latest Cryptocurrency News

US Senators Urge White House Action on North Korea’s Crypto Funding of Nuclear Ambitions

The White House and the Treasury Department have reportedly received a letter from three members of the United States Senate, aimed at taking action against North Korea’s use of cryptocurrency to fund its nuclear program and evade sanctions.

According to a report in The Wall Street Journal on August 4th, Senators Elizabeth Warren, Tim Kaine, and Chris Van Hollen requested information from the Biden administration on its efforts to combat the illicit use of digital assets by the Democratic People’s Republic of Korea. The letter referenced claims stating that North Korean hackers have been responsible for stealing more than $3 billion worth of cryptocurrencies since 2018, with these funds allegedly being utilized to support the country’s missile program.

The senators’ letter highlighted North Korea’s strategic development of expertise in the realm of digital assets over recent years.

Numerous news outlets have reported on hackers linked to North Korea being behind substantial crypto thefts, often employing mixing services in an attempt to conceal the origins of the funds. In November 2022, the US Treasury Department’s Office of Foreign Assets Control expressed concerns about cryptocurrencies being used to finance North Korea’s nuclear ambitions and consequently added Tornado Cash to its list of sanctioned entities.

Senator Warren has been at the forefront of multiple endeavours aimed at curbing the illicit use of cryptocurrencies. These efforts have included proposing a connection between digital asset payments and Chinese companies involved in the production of opioid fentanyl precursors, as well as advocating for legislation to enforce stricter Anti-Money Laundering requirements. Additionally, in July, she joined a bipartisan group of senators who introduced provisions in the National Defense Authorization Act aimed at countering crypto mixers and privacy coins.

Image By vecstock

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