Connect with us

Hi, what are you looking for?

Economy

Senator Elizabeth Warren Criticizes Crypto, Claims It Threatens U.S. Security and “Helps Terrorists

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.”

Senator Elizabeth Warren Blasts Crypto, Calls Out North Korea


Questioning Admiral John C. Aquilino of the United States Indo-Pacific Command, 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.

When asked by Warren if the number surprised him, Aquilino confessed it did not. 

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.

“(Crypto) is helping rogue states,” said Warren. “It’s helping terrorists. It’s helping criminal organizations fund their operations on a scale like we have never seen before.”

However, blockchain intelligence firm Chainalysis’ 2024 Crypto Crime Report found that funds sent to crypto mixers from illicit addresses decreased by nearly half a billion dollars last year “likely due to law enforcement and regulatory efforts.”

Senate Hearing Address Pig Butchering Scams And More


Warren’s criticism of crypto did not stop with North Korea, however. In her testimony Thursday, the senator 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 last year alone.

Common across southeast Asia, “pig butchering” involves perpetrators exploiting a victim’s trust in order to increase the amount of funds a given victim will send to them.

“Now, pig butchering is just one scam,” Warren continued. “There are many more. A recent study found that these criminal gangs have stolen and laundered more than $75 billion dollars in crypto in just the last four years.”

As Senator Elizabeth Warren criticizes crypto, not everyone may agree with her, but she paints a vivid picture of the far-reaching consequences of crypto-related crimes.

Warren Pushes DAAMLA Yet Again


Additionally, Senator Elizabeth Warren used the hearing to push her bipartisan bill known as the Digital Assets Anti-Money Laundering Act (DAAMLA), which seeks to close loopholes in anti-terrorist funding while subjecting key players in the digital asset industry to tougher regulations.

“I’ve got a bipartisan bill, Republicans and Democrats, with 20 senators that would put a stop to it,” she said. “I think it is time to pass this bill.”

The senator’s comments come amidst increased conversations about cryptocurrency regulation in light of last October’s terrorist attack in Israel that saw Hamas claim the lives of over 1200 Israelis.

As Senator Elizabeth Warren criticizes crypto and pushes for stronger oversight, she faces a formidable challenger in her upcoming senate race: pro-crypto Republican candidate John Deaton.

The post Senator Elizabeth Warren Criticizes Crypto, Claims It Threatens U.S. Security and “Helps Terrorists appeared first on Cryptonews.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

The Cardano Foundation unveiled PRAGMA on April 22, a strategic initiative designed to propel open-source development within the Cardano blockchain ecosystem and beyond. PRAGMA...

Economy

PayPal unveiled a new program to encourage low-carbon Bitcoin mining on April 22. The payment giant plans to reward cryptocurrency miners using sustainable energy...

Economy

The International Monetary Fund (IMF) is warming up to Bitcoin’s merits after years of criticizing and discouraging the use of crypto at large, according...

Economy

US chipmaker Nvidia has partnered with Vietnamese IT company FPT to set up a $200 million artificial intelligence (AI) factory in Vietnam. The collaboration,...

Economy

Renowned fashion house Louis Vuitton and record producer Pharrell Williams are delving further into Web3 fashion with their new VIA NFT-linked varsity jacket, according...

Economy

Terraform Labs and its founder, Do Kwon, are facing hefty financial trouble after the United States Securities and Exchange Commission (SEC) filed a motion...

You May Also Like

Financial Advisors

[#item_full_content]

Financial Advisors

[#item_full_content]

Financial Advisors

The humongous outbreak of the dreaded coronavirus has brought about a groundbreaking change in what the world perceived as ‘normal’. With an estimated 280,391,189...

Disclaimer: Respect Investment.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2024 Respect Investment. All Rights Reserved.