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Senator Elizabeth Warren Criticizes Crypto, Calls Out North Korea
Senator Elizabeth Warren (D-MA) criticized North Korea’s crypto usage and the rise of crypto “pig butchering” scams at a Thursday hearing of the Senate of Armed Services, claiming that cryptocurrency as a whole poses “a threat to our national security.”
North Korea’s Crypto Funding Allegations
- Warren alleged that North Korea could pay for over 56 intercontinental ballistic missiles with the $1.7 billion worth of crypto the country stole in 2022.
- Aquilino confessed that the number did not surprise him.
North Korea has long been known for its crypto malware groups, with state-sponsored hacking collective the Lazarus Group and crypto mixer Sinbad sanctioned by the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) in November 2023 for illicit activities.
Warren stated, “(Crypto) is helping rogue states. It’s helping terrorists. It’s helping criminal organizations fund their operations on a scale like we have never seen before.”
Pig Butchering Scams and More
- Warren claimed that “more than 40,000 people in the United States lost more than $3.5 billion dollars in pig butchering crypto scams that we know of” in the last year alone.
- She highlighted the prevalence of “pig butchering” scams across southeast Asia.
Warren emphasized the need for addressing various crypto-related crimes and the significant amount of funds involved in these illicit activities.
Push for Digital Assets Anti-Money Laundering Act (DAAMLA)
Senator Elizabeth Warren used the hearing to advocate for her bipartisan bill, the Digital Assets Anti-Money Laundering Act (DAAMLA), aiming to enhance regulations in the digital asset industry and combat terrorist funding.
She stated, “I’ve got a bipartisan bill with 20 senators that would put a stop to it. I think it is time to pass this bill.”
Warren’s efforts for stronger oversight in the cryptocurrency space come amidst growing discussions on regulatory measures following recent events such as the terrorist attack in Israel.
As Senator Elizabeth Warren criticizes crypto and advocates for stricter regulations, she faces opposition from pro-crypto Republican candidate John Deaton in her upcoming senate race.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
