news 
U.S. Treasury Sanctions Two Individuals Linked to North Korean Crypto Laundering
The U.S. Treasury Department has taken a crucial step in disrupting the regime’s digital asset operations, announcing sanctions against two individuals and their UAE-based company for allegedly laundering cryptocurrency on behalf of North Korea.
According to the Treasury, Lu Huaying and Zhang Jian are involved in a network that converted digital assets into cash, providing a vital service for the North Korean government. The sanctions freeze any U.S.-based assets belonging to the sanctioned individuals and prohibit American citizens or companies from conducting business with them or their company, Green Alpine Trading LLC.
The Treasury’s Office of Foreign Assets Control has designated these individuals as Specially Designated Nationals (SDNs), which is a strong message to other actors involved in North Korean cryptocurrency laundering operations. This move demonstrates international cooperation in addressing the threat posed by North Korea’s financial networks.
In its statement, the Treasury emphasized the importance of disrupting North Korea’s ability to fund its weapons and missile programs through cryptocurrency. The department also highlighted the evolving methods used by North Korean cybercriminals, who are increasingly targeting the crypto sector.
The Treasury’s action builds on previous efforts to counter North Korean cyber operations. Investigations have shown that these hacking groups have stolen billions of dollars’ worth of cryptocurrency through various attacks on exchanges and decentralized finance (DeFi) platforms.
It appears that the newly sanctioned individuals played a critical role in converting cryptocurrency into traditional currency, enabling North Korea to continue its illicit activities. The use of a UAE-based front company highlights the global nature of these money laundering networks.
The Treasury’s announcement comes as no surprise, given the growing concerns about North Korean cyber operations targeting institutions and individual investors. Recent blockchain analysis suggests that North Korean hackers have become more sophisticated in their approaches to laundering cryptocurrency, using multiple layers of front companies and advanced trading techniques to avoid detection.
It is essential for authorities to stay one step ahead of these actors, as they continue to adapt and evolve their methods. The Treasury’s sanctions send a strong signal that the U.S. government will not tolerate such activities and will work closely with international partners to disrupt North Korea’s digital asset operations.
The latest evidence shows that North Korean cybercriminals are actively targeting organizations involved in the growing institutional adoption of digital assets, making it crucial for the sector to be vigilant and report any suspicious activity.
Sources:
* U.S. Treasury Department
Author Bio:
Source: blockonomi.com
