Spanish Man Arrested For Teaching North Korea How To Use Crypto To Evade Sanctions
Crypto News

Spanish Man Arrested For Teaching North Korea How To Use Crypto To Evade Sanctions

2m
4 months ago

A Spanish individual named Alejandro Cao de Benós has been arrested in Madrid under suspicion of providing instruction to North Koreans on the use of cryptocurrencies to evade US sanctions.

Spanish Man Arrested For Teaching North Korea How To Use Crypto To Evade Sanctions
A Spanish individual named Alejandro Cao de Benós has been arrested in Madrid under suspicion of providing instruction to North Koreans on the use of cryptocurrencies to evade US sanctions. The arrest was carried out by Spain's National Police after receiving information from Interpol regarding Cao de Benós' presence in the country.

According to a police statement, investigators identified Cao de Benós while he was traveling from Barcelona to Madrid by train and subsequently detained him upon his arrival. It is believed that he may have been utilizing counterfeit identification documents.

In 2022, US authorities issued an arrest warrant for Cao de Benós, alleging his collaboration with a US citizen in delivering cryptocurrency and blockchain services to North Korea in violation of legal regulations. The FBI's wanted list identifies Cao de Benós as the founder of the Korean Friendship Association.

The Spanish police have stated that Cao de Benós purportedly organized multiple conferences on cryptocurrencies and blockchain in Pyongyang, the capital of North Korea, during 2018, effectively circumventing sanctions imposed by the US. If convicted in the US, he could face a maximum prison sentence of 20 years.

Cao de Benós has vehemently denied the accusations, issuing a statement in which he referred to them as "completely false" and emphasized the absence of evidence linking him to Virgil Griffiths. North Korea has illicitly obtained over $3 billion in cryptocurrency since 2017, according to a report.

Let us know what you loved about this article, what could be improved, or share any other feedback by filling out this short form.

This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap.
0 people liked this article