BlockBeats news, on December 18, the U.S. Department of the Treasury stated on Tuesday that it has taken action to shut down a North Korean cryptocurrency money laundering network that has laundered millions of dollars for North Korea, a major player in global cryptocurrency crime.
According to a press release from the U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC), a shell company based in the UAE named Green Alpine Trading, LLC, was found to be exchanging cryptocurrency for cash to provide funding for North Korea. The U.S. government's sanctions office has placed this company on a blacklist and sanctioned two Chinese nationals involved in the network since 2022.
The press release stated that the UAE cooperated with the U.S. in this action. It remains unclear the current status of the two sanctioned Chinese nationals—Lu Huaying and Zhang Jian. According to the press release, they were collaborating with North Korean 'agent' Sim Hyon Sop in illegal activities.