• The U.S. Treasury recently blacklisted crypto wallets with alleged ties to North Korea, hosted by Binance exchange.
• These wallets contained cryptocurrencies worth $2 million, including Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and Circle’s USDC.
• Binance has integrated new policies to prevent similar activities in the future.

U.S Treasury Sanctions Crypto Wallets Linked to North Korea

The U.S. Treasury has imposed sanctions on crypto wallets with alleged ties to North Korea on May 23rd, 2021. The wallets were hosted by the world’s largest crypto exchange, Binance and contained digital currencies such as Bitcoin (BTC), Ethereum (ETH), Tether’s USDT and Circle’s USDC worth $2 million that were sent to North Korean entities owned by Sang-Man Kim, a 58-year old citizen of the country.

Binance Security Breaches

Recently, Binance faced several security breaches that raised questions about whether it actively controls the wallets hosted by its platform or not? In response to the recent sanction from U.S Treasury, Binance did not immediately reply but it has fired several accounts for trying to circumvent transactions in order to avoid being detected in the future.

Malicious Cyber Activities By DPRK

According to OFAC (Office of Foreign Assets Control) statement released on May 23rd , DPRK is conducting malicious cyber activities such as deploying information technology and fraudulently getting employment for revenue which includes virtual currency in order to support its missile programs and weapons of mass destruction related priorities .

New Policies Implemented By Binance

In light of the recent sanctions from US treasury department ,Binance implemented new policies in order to avoid similar activities taking place on its platform . Blockchain data revealed that there have been no transactions from these accounts over the last year , indicating that this measure was taken at an early stage before any fraudulent activity could take place .

Conclusion

This incident highlights how important it is for exchanges like Binance to put stringent measures into place so as ensure compliance with legal regulations while protecting users’ funds against bad actors who may try take advantage of their platforms for illegal purposes .