North Korean Supporter Detained in Spain following Establishment of Pro-Regime Organization
Spanish Court Arrests Alejandro Cao de Benos Amidst Allegations of Crypto Sanctions Evasion
In a significant development, Alejandro Cao de Benos, a controversial figure in the crypto world, was arrested in Madrid this week. The arrest comes amidst growing global concern over North Korea's nuclear ambitions and allegations that Cao de Benos was conspiring to help the country evade sanctions using cryptocurrencies.
Cao de Benos was apprehended at Atocha train station, travelling under a false identity. The arrest is part of an ongoing investigation into a crypto scheme alleged to have been intended to fund North Korea's nuclear program by laundering money and dodging sanctions.
If found guilty, Cao de Benos could face up to 20 years in prison, as stipulated by the U.S. court that sentenced his alleged accomplice, Virgil Griffith, to over 5 years in prison last year. Griffith was convicted of similar charges, including conspiring to provide material support to North Korea, in violation of the International Emergency Economic Powers Act.
North Korean hackers are accused of stealing hundreds of millions in crypto over recent years. The alleged involvement of Cao de Benos and Griffith in this scheme has raised concerns about the use of cryptocurrencies in illicit activities and the potential for them to be used as a means to fund terrorist organisations and rogue nations.
Cao de Benos' lawyer in Spain, Carlos Mazón, is trying to prevent his extradition to the USA on charges of conspiracy to circumvent sanctions through cryptocurrencies. Mazón has argued that his client's actions were not criminal and that he was merely promoting blockchain technology in North Korea.
However, the Spanish High Court judge ruled that there was enough evidence to support the extradition request, and Cao de Benos was released on Friday, pending the extradition process. The case is a reminder of the complex and evolving nature of crypto regulation and the challenges faced by authorities in preventing their misuse.
Meanwhile, in another development, OKX Wallet has integrated with DeSyn, expanding decentralised finance (DeFi) access. While this news may provide a welcome distraction from the ongoing legal drama surrounding Cao de Benos and Griffith, it serves as a stark reminder of the dual nature of cryptocurrencies – a technology that can be both revolutionary and risky, depending on how it is used.
