Ethereum
US Treasury’s OFAC adds 3 ETH addresses to the North Korean Cybercrime Group SDN List
The Office of Foreign Asset Control has added three ethereum addresses (SDN) to its Specially Designated Nationals and Blocked Persons List. OFAC claims that the ether addresses were controlled by the Lazarus Group (a cybercrime organization associated with North Korea).
Lazarus Group Behind Axie Infinity Heist
The U.S. Treasury Department’s OFAC added three ethereum addresses to its SDN List that are allegedly linked with the Lazarus Group Cybercrime syndicate. The addition of the addresses comes a few weeks after U.S. authorities accused the Lazarus Group and North Korean hackers of being behind the $620 million Axie Infinity heist.
As previously reported by Bitcoin.com News, after reports of the hacking emerged, the U.S. government claimed the cybercrime group was part of a group of hackers that spearheaded the Ronin bridge attack that resulted in the siphoning of over 173,000 ethereum tokens. Also, prior to the department’s latest update, the ethereum mixing project Tornado Cash revealed it was blocking OFAC sanctioned addresses from using the mixer.
North Korea Sanctions evasion
In a statement released via Twitter on April 22, the U.S. Treasury Department suggested the blocking of access to funds at the designated addresses would deprive the sanctions-evading North Korea of a vital source of revenue. The statement stated:
OFAC added 3 virtual currency wallet addresses to the SDN Listing for Lazarus Group. DPRK [North Korea], has used illicit activities such as cybercrime in order to generate revenue and evade U.S. & UN sanction.
While the U.S. claims that the blockade will prevent North Korea from using stolen crypto, a previous report by Bitcoin.com News indicated that the cybercriminals could still move the funds by simply transferring them to an unapproved ether address.
The U.S. Treasury Department issued a warning against transacting with addresses that are not blocked by the U.S. Treasury Department. According to the statement, those who do so could be subject to U.S. sanctions. sanctions.
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Terence Zimwara
Terence Zimwara, a Zimbabwean journalist, author and writer who has been awarded the Zimbabwe Booker Prize. He has written extensively on the economic problems of certain African countries and how digital currencies can offer an escape route for them.
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