North Korea has been a staple in the cryptocurrency news for the past few years - with many reports of the country's alleged activity in the space. Recently, it has been claimed North Korean hackers stole an estimated $1 billion in cryptocurrencies and digital assets in 2022 - more than double the amount of 2021. According to the United Nations, this is due to the nation utilizing sophisticated cybertechniques to gain access to digital networks involved in cyberfinance and to steal information. The UN also urged member countries to implement guidelines from the anti-money-laundering Financial Action Task Force to protect themselves from the Hermit Kingdom's cybercrime activities.

The US Treasury also weighs in on the matter by publishing a report '2023 DeFi Illicit Finance Risk Assessment' which noted the money laundering and ransomware attacks present in the decentralized finance ecosystem. Countries have also taken notice of North Korea's activities and have implemented more stringent measures to prevent financial crime. Kraken was forced to settle with the US government over the allegation of processing transactions used to evade sanctions against countries like the DPRK and Binance was recently accused of enabling money laundering.

North Korea's cybercrime activities have been deemed highly dangerous and have been linked to weapons of war and often-creative methods of stealing from digital assets companies both known and obscure. The country has even been accused of using a cryptocurrency mixer - Tornado Cash - to launder stolen funds despite the debate that arose from this situation as some argued that a piece of software cannot be sanctioned under the existing framework. Nonetheless, countries continue to urge for the implementation of guidelines to ensure that the North Korean hackers cannot penetrate digital networks or steal information with the aim of making a profit from illegal activities.



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