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Crypto News > Blog > News > Cryptocurrency > US Dismantles Cryptocurrency Laundering Network Linked to North Korea | Keynote
Cryptocurrency

US Dismantles Cryptocurrency Laundering Network Linked to North Korea | Keynote

Crypto
Last updated: 2024/12/18 at 1:07 PM
Crypto Published December 18, 2024
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US Dismantles Cryptocurrency Laundering Network Linked to North Korea
 | Keynote
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Contents
In summaryDaily Debrief NewsletterCrypto Keynote USA

In summary

  • The US sanctioned two people in the UAE for laundering cryptocurrencies linked to North Korea’s weapons program.
  • Those sanctioned used a shell company, Green Alpine Trading LLC, to convert cryptocurrencies into cash.
  • North Korean hackers, such as Lazarus, have used crypto mixers to hide illicit funds, according to authorities.

The North Korean government has been caught red-handed—again.

This is reported by federal authorities, who indicated that they have sanctioned two individuals linked to a Cryptocurrency money laundering network with alleged links to the Democratic People’s Republic of Korea.

In a statement on Tuesday, the Treasury Department’s Office of Foreign Assets Control said it had sanctioned Lu Huaying and Zhang Jian for allegedly laundering digital assets to finance the already heavily sanctioned government in Pyongyang.

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The Treasury Department alleged that a shell company in the United Arab Emirates, called Green Alpine Trading LLC, was used to convert cryptocurrency into cash. The agency thanked the UAE for its help in identifying the sanctioned individuals.

“Today’s sanctions are part of ongoing efforts to disrupt the DPRK’s money laundering operations, which fund the regime’s illegal weapons of mass destruction and ballistic missile programs,” Tuesday’s statement said.

As a result of the sanctions, Huaying and Jian’s assets were frozen, and US citizens are prohibited from conducting any business transactions with them or their company.

Acting Undersecretary of the Treasury for Terrorism and Financial Intelligence Bradley T. Smith added that the North Korean regime used “complex criminal schemes” to finance its missile program—including the “exploitation of digital assets.”

North Korean actors are no strangers to the crypto ecosystem: hacker groups with ties to the government, such as Lazarus, have used mixing tools such as Tornado Cash and other applications to hide the trail of illicit funds, US authorities have alleged.

Other digital asset researchers and Blockchain trackers have published data showing hackers with government ties attacking cryptocurrency exchanges to steal funds.

On Monday, the United States hit North Korea with more sanctions, targeting several banks and officials with the aim of disrupting the hermit kingdom’s support for Russia’s war in Ukraine.

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Edited by Andrew Hayward

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