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US Cracks Down on North Korea’s Crypto Laundering Operation
The United States Treasury Department has announced a significant crackdown on a North Korean money laundering network that utilized cryptocurrency to drain millions of dollars. The operation, which involved the conversion of cryptocurrency into cash for North Korean use, was carried out by a UAE-based company called Green Alpine Trading, LLC.
As part of this effort, the Treasury’s Office of Foreign Assets Control (OFAC) has added Green Alpine Trading, LLC and two Chinese nationals, Lu Huaying and Zhang Jian, to its sanctions blacklist. This move comes as no surprise, given North Korea’s notorious reputation for crypto-related crimes.
The investigation revealed that these individuals had been working together with a North Korean operative, Sim Hyon Sop, since 2022. The UAE government has also collaborated with the US in this operation, highlighting the growing global effort to combat illicit financial activities.
It is important to note that all of the laundered funds were reportedly being used by North Korea to fund its nuclear weapons programs – a key concern for the international community.
The Treasury’s statement emphasized the link between Green Alpine’s activities and “illicit revenue generation schemes.” This latest action reinforces the US government’s ongoing commitment to preventing North Korea from exploiting cryptocurrency to fund its regime.
Sources:
Source: www.cryptonewsz.com
