BlockBeats reports that on December 18, the U.S. Treasury announced on Tuesday that it had taken action to shut down a North Korean cryptocurrency laundering network that has laundered millions of dollars for North Korea, a major player in global crypto crime.
According to a press release from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), a front company based in the UAE named Green Alpine Trading, LLC has been found to exchange cryptocurrency for cash to fund North Korea. The U.S. government's sanctions office has blacklisted this company and sanctioned two Chinese nationals who have been involved in the network since 2022.
The press release states that the UAE cooperated with the U.S. in this operation. It is currently unclear the status of the two sanctioned Chinese nationals, Lu Huaying and Zhang Jian. According to the press release, they collaborated with North Korean 'agent' Sim Hyon Sop to engage in illegal activities.