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U.S. Treasury Targets Corrupt North Korea Crypto Laundering Network
The United States Treasury Department has taken a significant step in combating corrupt financial activities by issuing sanctions against a cryptocurrency laundering network linked to North Korea. This move aims to curb the regime’s ability to bypass international sanctions and fund illegal programs.
According to reports, two individuals, Lu Huaying and Zhang Jian, played key roles in the operation. They allegedly worked through Green Alpine Trading, a company based in the United Arab Emirates. The Office of Foreign Assets Control (OFAC) has now designated the company as a sanctioned entity.
The Treasury Department claims that the network supported various illicit activities, including fraudulent IT schemes and cryptocurrency theft, ultimately providing funding for North Korea’s weapons programs. This revelation underscores the significance of the sanctions, highlighting the need to address these corrupt financial transactions.
Notably, this development is not an isolated incident. In recent years, North Korea-backed hacker groups, such as the Lazarus Group, have gained prominence for their large-scale cyberattacks. These attacks have been linked to several major hacks in the crypto space, including the infamous Ronin Ethereum sidechain hack, which resulted in the theft of $600 million in 2022.
Furthermore, reports suggest that North Korea’s cryptocurrency theft operations account for nearly 50% of its foreign currency earnings, as stated by South Korea’s Yonhap News Agency. The funds generated from these activities have been utilized to finance weapons of mass destruction and ballistic missile programs, as reported by the UN Security Council in March 2024.
The sanctions on Green Alpine Trading, along with individuals like Lu Huaying and Zhang Jian, aim to disrupt these illicit financial transactions. However, the continued involvement of DPRK hackers underscores the challenges in combating such operations.
This development serves as a significant reminder of the need for vigilance in the crypto space.
Source: coinchapter.com
