The US Treasury Department has announced that it closed a North Korean money laundering network that drained millions of dollars through cryptocurrency.
US Shuts North Korean Crypto Laundering Act
Going into the details, the Treasury’s Office of Foreign Assets Control (OFAC) released a statement that showed a UAE-based company, Green Alpine Trading, LLC, was involved in converting cryptocurrency into cash for North Korea. The company, along with two Chinese nationals involved since 2022, has now been added to the US. sanctions blacklist. It has also been deduced that all of this laundered sum has been going to North Korea, which is already infamous for being a global leader in crypto crimes.
The United Arab Emirates collaborated with the US in the takedown, the press release revealed. However, the current whereabouts of the sanctioned individuals, Lu Huaying and Zhang Jian, remain unknown. Both the accused were reportedly working alongside a North Korean operative, Sim Hyon Sop, to orchestrate the scheme.
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Green Alpine was involved in converting the funds stolen by North Korea into fiat currency. Since only through fiat could North Korea use the stolen assets to fund its nuclear weapons programs—an act that has always been on North Korea’s agenda.
OFAC noted that Green Alpine’s activities were linked to “illicit revenue generation schemes.” This move is part of the ongoing U.S. effort to curb North Korea’s use of crypto to fund its regime.
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