US sanctions target $600M North Korean crypto laundering network
The United States Treasury Department’s Office of Foreign Assets Control (OFAC), in partnership with the United Arab Emirates (UAE), has imposed sanctions on individuals and entities accused of laundering cryptocurrency for North Korea.
The sanctions target two Chinese nationals, Lu Huaying and Zhang Jian, along with UAE-based Green Alpine Trading, for allegedly converting cryptocurrency into fiat currency to fund North Korea’s weapons programs.
Lu reportedly facilitated these transactions between early 2022 and September 2023, while Zhang allegedly managed currency operations and acted as a courier for Sim Hyon Sop, a sanctioned executive of the Korea Kwangson Banking Corporation.
“As the DPRK continues to use complex criminal schemes to fund its WMD and ballistic missile programs — including through the exploitation of digital assets — Treasury remains focused on disrupting the networks that facilitate this flow of funds to the regime,” emphasised acting Treasury Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith.
Green Alpine Trading, suspected of serving as a front for laundering operations tied to Sim’s activities, has had its website suspended following the sanctions.
Reports from TRM Labs indicate that North Korean-linked groups stole between $600 million and $700 million in cryptocurrency in 2023 using methods such as hacking exchanges, impersonating employees, and leveraging crypto mixers.
Since 2017, North Korea is estimated to have stolen $3 billion in digital assets to support its regime.
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