American senators to ban North Korean crypto funding of the nuclear program

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Some US Senators penned a letter to the  White House and Treasury Department, raising concerns against North Korea & know the US government action, for using stolen cryptocurrencies for unethical nuclear weapon programs.

North Korea is the Democratic People’s Republic of Korea (DPRK) and Kim Jong Un is the WPK General Secretary and President of State Affairs, known for his dictatorship. Jong is an energetic person who always remains ready to fight against any country over small conflicts on behalf of the country’s high profile rocket, missile, & nuclear weapons. 

Recently the U.S. Senators, Elizabeth Warren, Tim Kaine, and Chris Van Holle penned a joint letter to address North Korea’s unethical activities in the nuclear programs.

These senators noted that North Korea is using stolen cryptocurrencies to fund the country’s nuclear weapon programs and also evading the sanctions easily. In short, cryptocurrencies are a way for North Korea to evade sanctions. 

Senators pointed out that North Korean agencies are continuously developing their ability in the crypto & blockchain sector and they are using their expertise to bring more adoption of cryptocurrencies in the country for different purposes.

As per reports, North Korean hackers stole nearly $3 billion worth of crypto assets in the last 5 years, and also to this date they are actively targeting the crypto platform to steal funds. 

In 2022, the U.S. Treasury Department’s Office of Foreign Assets Control (OFCA) imposed a ban on the use of the popular crypto-mixing platform Tornado Cash. 

Investigations found that Korean hackers mainly target the Decentralized Finance (Defi) protocols and further they transfer funds to the Tornado Cash-like crypto mixing platform to remain away from any kind of tracing. 

In the last couple of years, the majority of the hackers targeted mainly the DeFi protocols. It is because the Defi sector is not very old and to this date, huge numbers of Defi platforms are running with huge numbers of unknown & hidden bugs/vulnerabilities. 

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