UN experts: Don't participate in cryptocurrency conference hosted by North Korea

According to a Reuters report yesterday, a confidential report to be submitted to the UN Security Council later this month showed that UN sanctions experts warned people not to attend a cryptocurrency conference in North Korea this February, saying it could be Violation of sanctions.

crypto

Before the document came to light, independent UN experts told the Security Council last August that North Korea had stolen roughly $ 2 billion in mass killings from banks and cryptocurrency exchanges using "broad and increasingly sophisticated" cyber attacks. Weapon project funding.

Since 2006, North Korea has been subject to United Nations sanctions for its nuclear and ballistic missile programs. The Security Council's 15 member states have unanimously stepped up these measures, which has led Pyongyang to look for other ways to make money.

Last April, North Korea held its first blockchain and cryptocurrency conference, and one organizer told Reuters that more than 80 organizations participated in the conference. An American attending the meeting was charged with violations of U.S. sanctions.

According to its website, the next meeting will be held from February 22 to 29.

The United Nations sanctions expert's forthcoming annual report warned that the meeting "contained a clear discussion of using cryptocurrencies to evade sanctions and money laundering."

The report also made it clear that the country was asked to ban the provision of "financial transactions, technical training, advice, services, or assistance" if it believed that it might help North Korea's nuclear or ballistic missile projects or to escape United Nations sanctions.

The full report will be submitted to the UN Security Council North Korea Sanctions Committee later this month.

The North Korean delegation to the United Nations did not immediately respond to a request for comment.

A British government spokesman and another UN Security Council diplomat, who spoke on condition of anonymity, said North Korea's internet projects were used to gather information, evade sanctions and generate revenue.

The British government spokesman said:

"Supporting North Korea's use of cryptocurrencies and blockchain technology runs the risk of violating Security Council resolutions, as this will inevitably increase North Korea's ability to override sanctions and generate revenue for its weapons projects."

The United States formally accused digital currency expert Virgil Griffith last week for attending a North Korean cryptocurrency conference last year. Prosecutors have accused him of providing services to North Korea without US approval and evading US law.

Griffith, who holds a PhD from California Institute of Technology, was arrested in November last year, and prosecutors said he and other participants discussed how Pyongyang used cryptocurrency technology to launder money and evade sanctions.

The United Nations sanctions expert stated in the report:

"While the media were unable to attend the meeting and the minutes were not made public, the recent indictment of an American for sanctions violations gave people some insight into the purpose of the meeting."

U.S. prosecutors said Griffith has been encouraging other U.S. citizens to attend a meeting in North Korea next month.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

Life After the Collapse of Sanjian Capital: Surfing, Meditation, and World Travel for the Founders

When their hedge fund failed, the entire industry collapsed. The resulting crisis drained the savings of millions of ...

Blockchain

Interview with Justin Sun: Web3 Yu'ebao stUSDT, Tron's Ambition to Connect DeFi and TradFi

stUSDT allows users to access low-risk and stable investment opportunities in national bonds, and supports flexible w...

Blockchain

The original market maker is not "Zhuang"? What is the significance of the coin safety ball recruitment market?

On September 30th, the company announced that it has launched the Global Markets Program and will recruit Market Make...

Blockchain

Full text of South Korea's first independent "Encryption Act": Insider trading carries a maximum sentence of life imprisonment.

On June 30, 2023, the South Korean National Assembly's Political Affairs Committee passed the country's first legisla...

Blockchain

Weekly data on the BTC chain: data on the chain began to fall, and the exchange traded frequently

In the past week (10.28-11.03), from the main chain data, the total amount of transactions has increased compared wit...

Market

Semafor The US Department of Justice is considering fraud charges against Binance, but is concerned about a FTX-style run in the market.

Insiders say that federal prosecutors are concerned that if they were to prosecute Binance, it could lead to a run on...