The post North Korea’s Cryptocurrency Operations Face US Sanctions appeared on BitcoinEthereumNews.com.

TLDR The US Treasury imposed sanctions on two individuals and a UAE company for laundering crypto funds for North Korea Lu Huaying and Zhang Jian used Green Alpine Trading LLC as a front company to process illicit funds North Korean cyber activities now make up about 50% of their foreign currency earnings The funds are being used to support weapons and missile programs North Korean hackers are increasingly posing as crypto industry executives and recruiters to steal funds The United States Treasury Department has taken action against a cryptocurrency money laundering network that supported North Korean government operations, announcing sanctions against two individuals and a company based in the United Arab Emirates. The Treasury identified Lu Huaying and Zhang Jian as key operators in the scheme, which used Green Alpine Trading LLC as a front company in the UAE. These individuals allegedly converted illegally obtained funds into cryptocurrency before transferring millions of dollars to Pyongyang. According to Treasury officials, the money came from various sources, including cybercrimes and earnings from North Korean IT workers operating abroad. The funds were then channeled into North Korea’s weapons development and missile programs. The sanctions specifically block any US-based assets owned by Lu Huaying, Zhang Jian, and Green Alpine Trading LLC. Additionally, the measures make it illegal for any American citizens or businesses to conduct transactions with the sanctioned parties. Bradley Smith, acting Under Secretary for Terrorism and Financial Intelligence, emphasized the ongoing challenge of tracking and stopping these financial networks. The Treasury Department noted that North Korea continues to develop increasingly sophisticated methods to evade international restrictions. Recent data from the United Nations Security Council, reported by South Korea’s Yonhap News Agency, reveals that North Korean cyber operations now account for approximately half of the country’s foreign currency earnings. This marks a substantial…

---

Filed under: News - @ December 19, 2024 9:21 am