On-chain investigator ZachXBT raises concerns regarding USDC usage by North Korean IT workers for payment processing, highlighting issues regarding financial oversight.
USDC and North Korean IT Workers
ZachXBT has reported that **USDC** has become a primary tool for payment by North Korean IT workers. It is noted that tens of millions in USDC have reportedly been transacted through wallets linked to these employees.
Circle's Response and Consequences
Despite the serious allegations, Circle, the issuer of USDC, has not publicly commented on the issue. "The stablecoin USDC issued by Circle is being widely used by North Korean IT professionals for receiving payments... Circle has not frozen related activities... This is a crime supercycle, and no one cares," stated ZachXBT. His findings underline the significant implications and potential consequences for the financial and regulatory landscape.
Cryptocurrency and Compliance
The current allegations raise questions regarding the role of cryptocurrencies in sanction-evading activities, with USDC at the center of these accusations. North Korean actors have historically utilized **BTC** and **ETH** for similar operations. Integrating cryptocurrency usage monitoring tools and enhanced compliance measures could help mitigate future risks.
The situation surrounding the use of USDC by North Korean IT workers emphasizes the need for regulators and industry players to collaborate to prevent misuse while fostering legitimate use cases for cryptocurrencies.
