2024-12-18 07:30:07
US Treasury Department Sanctions This Country's Cryptocurrency Laundering Network! Here Are the Details
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The U.S. Treasury Department has imposed sanctions on two individuals and an organization accused of laundering cryptocurrency for North Korea, as part of the country’s efforts to counter illicit financial activities. US Sanctions North Korea's Crypto Laundering Network The Treasury's Office of Foreign Assets Control (OFAC) identified Lu Huaying and Zhang Jian, both Chinese citizens, as key figures in the money laundering network. These individuals are alleged to have facilitated money laundering on behalf of Sim Hyon Sop, the sanctioned banking representative of the Democratic People's Republic of Korea (DPRK). The duo reportedly operated through a front company in the United Arab Emirates called Green Alpine Trading, which has also been designated a sanctioned entity. The company is accused of serving as a central hub in the network. The U.S. Treasury has highlighted North Korea’s role in using its agents and proxies to conduct illicit financial activities, including cryptocurrency theft, fraudulent IT work, and money laundering. According to the Treasury, these funds support North Korea’s weapons of mass destruction (WMD) and ballistic missile programs. North Korean hacker groups, including the infamous Lazarus Group, have been linked to some of the largest cryptocurrency heists in history, including the $600 million hack of the Ronin Ethereum sidechain in 2022. North Korean Hackers' Deceptive Tactics North Korean hackers reportedly use tactics such as impersonating recruiters or executives of legitimate cryptocurrency firms to trick their targets. For example, blockchain security firm SlowMist revealed that a Lazarus Group hacker once pretended to be an executive from Chinese blockchain firm Fenbushi Capital and convinced victims on LinkedIn to click on malicious links. *This is not investment advice. Continue Reading: US Treasury Department Sanctions This Country's Cryptocurrency Laundering Network! Here Are the Details