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U.S. Treasury Targets Corrupt North Korea Crypto Laundering Network
The United States Treasury Department has issued sanctions against a cryptocurrency laundering network linked to North Korea, aiming to curb the regime’s illegal activities and funding for its weapons programs.
According to reports, two individuals, Lu Huaying and Zhang Jian, played a central role in the operation. The duo worked through Green Alpine Trading, a company based in the United Arab Emirates, which has been designated as a sanctioned entity by the Office of Foreign Assets Control (OFAC).
The Treasury claims that the network supported activities such as fraudulent IT schemes and cryptocurrency theft, enabling the funding of North Korea’s weapons programs. The sanctions on Green Alpine Trading, along with individuals like Lu Huaying and Zhang Jian, aim to disrupt these illicit activities.
North Korea has been accused of using its hacking capabilities to fund illegal programs, including weapons development. The regime’s Lazarus Group, a notorious hacker collective, has been linked to some of the most significant crypto hacks in history, including the $600 million Ronin Ethereum sidechain hack in 2022.
Furthermore, the Treasury Department claims that North Korea’s cryptocurrency theft operations account for nearly half of its foreign currency earnings. These funds have been used to finance weapons of mass destruction and ballistic missile programs, as reported by the UN Security Council in March 2024.
In this recent move, the U.S. Treasury seeks to curb these illicit activities, aiming to prevent the funding of North Korea’s illegal programs.
Source: coinchapter.com
