Three members of the United States Senate have reportedly sent a letter to the White House and Treasury Department in an effort to crack down on North Korea using cryptocurrency to fund its nuclear program and evade sanctions.
According to an Aug. 4 report in The Wall Street Journal, Sens. Elizabeth Warren, Tim Kaine and Chris Van Hollen requested the Biden administration provide information on how the U.S. government was working to address the illicit use of digital assets by the Democratic People’s Republic of Korea. The letter cited reports claiming North Korean hackers have been behind the theft of more than $3 billion worth of crypto since 2018, funds being used to fund part of the country’s missile program.
“North Korea has methodically built its expertise in digital assets over the past few years,” the three senators reportedly wrote.
Multiple news agencies have reported hackers connected to North Korea were responsible for stealing billions of dollars in crypto, sometimes using mixers in an attempt to hide funds from authorities. The U.S. Treasury Department’s Office of Foreign Assets Control cited concerns over crypto being used to fund North Korea’s nuclear program in adding Tornado Cash to its list of sanctioned entities in November 2022.
Crypto payments platform @coinspaid suspects North Korea’s Lazarus Group is behind a $37.3 million exploit of its platform on July 22. While customer funds are safe, the firm’s balance sheet took a big hit. https://t.co/IssH0et2Gw
Warren has been behind many efforts to crack down on the illicit use of cryptocurrencies, from suggesting a link between digital asset payments and companies based in China that provided precursors to the opioid fentanyl to proposing legislation for stricter Anti-Money Laundering requirements. In July, she was part of a bipartisan group of senators who pushed provisions against crypto mixers and privacy coins in the National Defense Authorization Act.
Sir Keir Starmer is reshuffling his cabinet following Angela Rayner’s resignation after admitting she had not paid enough stamp duty on the purchase of a new home.
She paid standard stamp duty on a flat she bought in Hove, East Sussex, in May after taking advice that it counted as her only home due to her disabled son’s trust owning the family home in Ashton-under-Lyne – but it was established she should have paid more.
Her resignation has left a hole around the cabinet table, which Sir Keir is now filling.
Please use Chrome browser for a more accessible video player
2:59
The rise and fall of Angela Rayner
It was stressed early on Chancellor Rachel Reeves would remain as chancellor, in an attempt to stop the markets moving.
David Lammy – foreign secretary to justice secretary and deputy PM
After flexing his diplomatic muscles with Donald Trump and his deputy JD Vance over the past year, Mr Lammywill now move to the justice brief.
The move is likely to be a blow as the PM had promised, most recently in November, he would be foreign secretary for the whole parliament until 2029.
Although he is no longer holding one of the four great offices of state, he has also been made deputy prime minister, presumably to soften the blow.
Mr Lammy is close to Sir Keir, both as a friend and in his next door constituency, and was seen grinning as he went into Number 10 after being appointed.
Image: David Lammy is now justice secretary and deputy PM. Pic: Reuters
Yvette Cooper – home secretary to foreign secretary
The Labour stalwart had made tackling illegal migration a priority, so the move could be seen as a disappointment for her.
However, she remains in one of the four great offices of state – PM, chancellor, foreign and home.
Image: Yvette Cooper is now foreign secretary
Shabana Mahmood – justice secretary to home secretary
A big promotion, the straight-talking Labour MP will be tasked with tackling the small boats crisis and asylum seeker hotel protests.
She is no stranger to making difficult decisions, deciding to free criminals early to reduce prison overcrowding as justice secretary.
Her move makes it the first time all three great offices of state, after the prime minister, are held by women.
Image: Shabana Mahmood is now home secretary. Pic: PA
Pat McFadden – chancellor of the Duchy of Lancaster and intergovernmental minister to work and pensions secretary and head of “super ministry”
Often seen as Sir Keir’s “number two”, Mr McFadden will take over a newly formed “super ministry”.
It will include the department for work and pensions and the skills remit of the department for education – taking a large part of Education Secretary Bridget Phillipson’s brief and taking over from Liz Kendall as work and pensions secretary.
While it is not a promotion at first glance, it is a much wider role than he has had as chancellor of the Duchy of Lancaster – the highest-ranking Cabinet Office minister after the PM.
Image: Pat McFadden is work and pensions secretary and head of the ‘super ministry’. Pic: PA
Darren Jones – chancellor of the Duchy of Lancaster
It is the second new job in the space of one week for the new chancellor of the Duchy of Lancaster. The close ally of the prime minister was promoted from chief secretary to the Treasury on Monday to chief secretary to the prime minister. And now he gets another new job.
Image: Darren Jones is the new chancellor of the Duchy of Lancaster
Steve Reed – environment secretary to housing secretary
A promotion for the man who has consistently defended the government lifting inheritance tax relief on farmers.
He takes over one of the two major vacancies left by Ms Rayner and will have the massive task of building 1.5 million new homes during this parliament, as promised by the government.
Image: Steve Reed is now housing secretary
Jonathan Reynolds – business and trade secretary to chief whip
A slightly odd move for the MP seen as a steady pair of hands in his business secretary role.
He takes over from Sir Alan Campbell and will now have to hustle Labour MPs to vote with the government – something that has sometimes proved difficult with the current cohort.
Mr Reynolds will also attend cabinet, as is necessary so he can liaise between the party and No 10.
Image: Jonathan Reynolds is the new chief whip
Peter Kyle – science secretary to business and trade secretary
A promotion for Mr Kyle, who is taking over from Jonathan Reynolds.
He is seen as a rising star and impressed Labour MPs when he refused to stand down after suggesting Nigel Farage was on the side of people like Jimmy Savile by opposing the government’s online safety law.
Mr Kyle will be in charge of getting trade deals with other countries over the line.
Image: Peter Kyle is now business and trade secretary
Emma Reynolds – economic secretary to the Treasury to environment secretary
Probably the biggest promotion of the reshuffle, Ms Reynolds is taking on Mr Reed’s role after serving as a junior minister in the Treasury.
She will have to take on farmers and deal with the water companies – a big undertaking.
Image: Emma Reynolds is now environment secretary
Liz Kendall – work and pensions secretary to science, innovation and technology secretary
Pat McFadden has taken her role as work and pensions secretary, while Ms Kendall takes over Peter Kyle’s brief.
He has made AI a major facet of his role so we will wait to see which direction Ms Kendall takes the job in.
Image: Liz Kendall is the new science secretary. Pic: PA
Douglas Alexander – trade policy minister to Scotland secretary
A promotion for the Blair/Brown minister who returned to politics last year after being ousted in 2015 by then 20-year-old SNP MP Mhairi Black.
He takes over from Ian Murray, who has been removed from the cabinet.
Image: Douglas Alexander is the new Scotland secretary
Sir Alan Campbell – Chief whip to Lord President of the Council and leader of the House of Commons
An MP since 1997 and part of Tony Blair and Gordon Brown’s frontbench, Sir Alan is taking over Lucy Powell’s role.
He will be in charge of organising government business in the Commons – a sizeable job.
Who is out?
Lucy Powell has been sacked as leader of the House of Commons.
Ian Murray has been sacked as Scotland secretary.
Bridget Phillipson remains as education secretary but her brief has narrowed as Mr McFadden has taken over the skills part of her job.