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United States dismantles a North Korean cryptocurrency money laundering network

2024-12-17

According to BlockBeats, the U.S. Department of the Treasury reported on Tuesday that it had dismantled a North Korean cryptocurrency money laundering network that had laundered millions of dollars for one of the main participants in North Korea's global cryptocurrency crime.

According to the press release from the Office of Foreign Assets Control (OFAC) of the U.S. Department of the Treasury, a shell company based in the United Arab Emirates called Green Alpine Trading, LLC, was found to be exchanging cryptocurrency for cash to provide funds to North Korea. The U.S. government sanctions department has blacklisted this company and imposed sanctions on two Chinese citizens who have been involved in this network since 2022.

The press release indicates that the United Arab Emirates collaborated with the United States in this action. It is currently unclear what the status is of these two sanctioned Chinese citizens, Lu Huayin and Zhang Jian. According to the press release, they collaborated with North Korea's "agent," Sim Hyon Sop, in illegal activities.
#CRYPTO.