Wednesday, October 5, 2022

Three North Korean Linked-Ethereum Addresses Sanctioned by Treasury Department

The United States Department of Treasury has sanctioned three Ethereum (ETH) addresses linked to a cyber attack that was unleashed on the Ronin Network late last month, which saw approximately $625 million carted away. According to Department, the sanctioned Ethereum wallets are allegedly connected to a suspected group responsible for the cyber hack, Lazarus Group.

Lazarus Group has been on the top list of suspected cybercriminals in the books of US authorities. The group has long been perpetrating cyber hacks and crimes since 2010 to date for North Korea or otherwise known as DPRK.

After the cyberattack on Ronin Network was perfected, the sponsor behind the network, Sky Mavis, has been deploying different means to properly manage the situation. Such as promising to refund the stolen cash to users within two years, involving Chainalysis in the proper analysis of the situation as well as bringing US authorities in facilitating investigations as to who is responsible for the hack.

DPRK and Sanction Evasion Through Cryptocurrency Theft

North Korea has been on the sanctioned nations list of the United States and the UN, owing to the unrepentant behavior of the state in producing nuclear and ballistic weapons that pose unimaginable threats to the US and the world at large. The nation is forbidden from doing business with United States companies and vice versa.

DPRK has however been using cryptocurrency to evade these sanctions, through cyber hacks and every other form of cybercrimes possible. In a move that showcases the seriousness of the US government about preventing sanction evasion from the DPRK, the Department of Justice sentenced an American citizen, Virgil Griffith, to 5 years in prison for aiding North Korea in evading sanctions through cryptocurrencies.

According to a report by Chainalysis, in 2021 alone, DPRK through its cyber hack team launched a minimum of seven attacks on crypto platforms and amassed approximately $400 million in that year alone. Ethereum accounts for 58% of the digital assets hacked, ERC-20 tokens and altcoins account for 22% while 20% of Bitcoin (BTC) was recorded.

Israel Love
Israel Love is a passionate writer that enjoys educating and inspiring people through his writing. This passion fuels the desire to simplify the complexities in the blockchain ecosystem, by providing viable information about the crypto space in such a way that makes it easy for anyone to understand. Israel love also has interests in Human Resource Management as he is a trained expert in HR.

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