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The U.S. Treasury has sanctioned two individuals and a UAE-based company for laundering millions in illicit funds for North Korea, which continues to exploit digital assets to support its WMD and missile programs. Key figure Sim Hyon Sop, linked to North Korean financial institutions, orchestrated these schemes, while recent cybercrimes by North Korean hackers have further destabilized the crypto industry.
The U.S. Treasury has sanctioned two individuals, Lu Huaying and Zhang Jian, for their involvement in a North Korean crypto money laundering network that funds the regime's weapons programs. The sanctions freeze their assets and prohibit American businesses from engaging with them. Additionally, the FBI warns that North Korean cybercriminals are increasingly targeting cryptocurrency firms, employing sophisticated social engineering tactics to steal digital assets.
The US Treasury, in collaboration with the UAE, has sanctioned two Chinese nationals and a UAE-based company for their roles in facilitating North Korean digital asset laundering. Lu Huaying and Zhang Jian allegedly converted cryptocurrency to fiat for goods destined for North Korea, while Green Alpine Trading is accused of being a front for money laundering operations linked to North Korean financial activities. North Korean groups reportedly stole between $600 million and $3 billion in cryptocurrency from 2017 to 2023 through various illicit methods.
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