ChainCatcher news, the U.S. Treasury Department said on Tuesday that it had dismantled a North Korean cryptocurrency money laundering network that had funneled millions of dollars for North Korea, a major player in global crypto crime.
According to a press release from the U.S. Treasury Department's Office of Foreign Assets Control (OFAC), a front company located in the UAE named Green Alpine Trading, LLC was found to be converting cryptocurrency into cash to provide funding for North Korea. The U.S. government’s sanctions office has blacklisted this company and sanctioned two Chinese citizens who have been involved in this network since 2022.
The press release stated that the UAE cooperated with the U.S. in this operation. It is currently unclear what has happened to the two sanctioned Chinese citizens—Lu Huaying and Zhang Jian. According to the press release, they collaborated with North Korean 'agent' Sim Hyon Sop in illicit activities.
