The U.S. Treasury Department said on Tuesday it had cracked down on a North Korean cryptocurrency money laundering network that laundered millions of dollars for North Korea, a major player in global crypto crime, CoinVoice has learned.
According to a press release from the U.S. Treasury Department’s Office of Foreign Assets Control (OFAC), a UAE-based front company called Green Alpine Trading, LLC was found to have converted cryptocurrency into cash to provide funding to North Korea. The U.S. government’s sanctions arm has blacklisted the company and sanctioned two Chinese nationals for their involvement in the network since 2022.
The UAE cooperated with the United States in the operation, the release said. The current status of the two sanctioned Chinese citizens - Lu Huaying and Zhang Jian - is unclear. According to the press release, they collaborated with North Korean "agent" Sim Hyon Sop to engage in illegal activities. [original link]