The US Department of Justice Made an Important Cryptocurrency Announcement!

The United States Department of Justice (DOJ) has seized $7.74 million in cryptocurrency that North Korean IT workers obtained through illegal means. The Department stated that it submitted a civil forfeiture case to the Washington DC District Court, explaining that these funds were used to evade US sanctions and to finance North Korea's weapons programs.

According to the Ministry of Justice, North Korean information technology (BT) experts have begun working remotely in international companies using fake identities. The cryptocurrency revenues they obtained have been redirected in line with the interests of the Pyongyang regime to evade sanctions and fund illegal weapons projects.

The seizure process was initiated in connection with the indictment prepared against North Korea Foreign Trade Bank representative Sim Hyon Sop in April 2023. Sim was alleged to have worked with IT employees and attempted to launder illegal gains. However, American officials managed to seize the funds in question by freezing them during this process.

Matthew R. Galeotti, the head of the Criminal Division of the Ministry of Justice, stated, "This seizure operation once again reveals how North Korea has exploited the cryptocurrency ecosystem for illegal purposes. We will continue to use all legal means to protect the crypto world and prevent North Korea from using its illegal gains."

National Security Agency Director Sue J. Bai stated, "It is known that North Korea has been using global IT services and cryptocurrency systems for its armament projects for years. This multimillion-dollar seizure is a sign of the DOJ's determination to disrupt these illegal financial systems."

*It is not investment advice.

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