news 
The US Treasury Department has announced a significant breakthrough in its efforts to curb North Korea’s use of cryptocurrency to fund its regime. In a recent statement, the Office of Foreign Assets Control (OFAC) revealed that it has closed a major money laundering network operated by North Korean operatives.
According to OFAC, a UAE-based company called Green Alpine Trading, LLC was instrumental in converting stolen cryptocurrencies into fiat currency, effectively allowing North Korea to utilize the funds for its nuclear weapons programs. The company, along with two Chinese nationals involved since 2022, has been added to the US sanctions blacklist.
Notably, it has been determined that all of the laundered sum has been redirected to North Korea, a country notorious for its involvement in crypto-related crimes. The United Arab Emirates collaborated with the US in the takedown, highlighting the global effort to combat these illicit activities.
The whereabouts of the sanctioned individuals, Lu Huaying and Zhang Jian, remain unknown. Both were reportedly working alongside a North Korean operative, Sim Hyon Sop, to orchestrate the scheme. Green Alpine was responsible for converting the funds stolen by North Korea into fiat currency, which is essential in funding its nuclear weapons programs.
The US Treasury Department’s move is part of its ongoing efforts to prevent North Korea from utilizing cryptocurrency to fund its regime.
Source: www.cryptonewsz.com
