U.S. Court Orders Forfeiture of North Korean Virtual Currency Account

A U.S. federal court in Washington, D.C., overseeing a forfeiture case against a North Korean virtual currency account, has ruled in favor of the U.S. government, ordering the forfeiture of the account. Judge Timothy Kelly granted a “judgment in absentia,” transferring ownership of the defendant’s assets to the government. This decision reduces the number of accounts involved in the case from 146 to 145. The accounts were allegedly used to launder cryptocurrency stolen by North Korean hackers from exchanges in South Korea and elsewhere between 2018 and 2019. Despite attempts to locate the account owners, including official notices, no one claimed ownership. Judge Kelly found the prosecution’s allegations credible and granted summary judgment, concluding that the accounts were involved in money laundering offenses. As a result, the proceeds from these accounts have been returned to the U.S. government’s treasury.

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