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<p class="is-style-lead">The U.S. Treasury’s Office of Foreign Assets Control has imposed sanctions on two individuals and a company in the United Arab Emirates for facilitating North Korea’s illicit use of digital assets.</p> 
<p>The sanctions <a href="https://home.treasury.gov/news/press-releases/jy2752" target="_blank" rel="nofollow">target</a> Lu Huaying and Zhang Jian, both based in the UAE, and Green Alpine Trading, LLC, a front company linked to a broader money-laundering scheme.</p> 
<p>These sanctions and actions hope to disrupt a network allegedly funneling millions of dollars to North Korea’s weapons of mass destruction and ballistic missile programs, <a href="https://home.treasury.gov/news/press-releases/jy2752" target="_blank" rel="nofollow">according</a> to a U.S. government release.</p> 
<p>North Korea is <a href="https://crypto.news/north-korean-hackers-target-crypto-institutions-via-chromium-browser/" target="_blank">known to exploit digital assets</a> and cybercrime to fund its nuclear weapons and missile development. The regime <a href="https://crypto.news/north-korean-workers-tied-to-1-3m-crypto-theft-zachxbt/" target="_blank">employs IT workers</a> and hackers to generate funds, often masking their origins through complex laundering operations.&nbsp;</p> 
<p>The sanctioned individuals and the UAE-based company reportedly operated under the direction of Sim Hyon Sop, a representative of North Korea’s state-run Korea Kwangson Banking Corporation, who has previously been sanctioned.</p> 
<p>Sim is accused of using a combination of cryptocurrency cash-outs and money mules to launder funds. The funds were then funneled back to North Korea to finance its military programs. Both Lu and Zhang allegedly assisted in these efforts by converting cryptocurrency into traditional currency and acting as couriers.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/nigeria-arrests-792-people-involved-in-crypto-romance-scams/"> Nigeria arrests 792 people involved in crypto romance scams </a> </p> 
<h3 class="wp-block-heading" id="strong-implications-of-the-sanctions-strong"><strong>Implications of the sanctions</strong></h3> 
<p>Under the imposed sanctions, any property owned by the designated individuals or entities within the United States is blocked. U.S. citizens and companies are prohibited from conducting transactions with them.</p> 
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   <p lang="en" dir="ltr">Treasury Disrupts North Korean Digital Assets Money Laundering Network <a rel="nofollow" href="https://t.co/YxTqHbzCOi" target="_blank">https://t.co/YxTqHbzCOi</a> <a rel="nofollow" href="https://t.co/gLpgbxxs09" target="_blank">pic.twitter.com/gLpgbxxs09</a></p>— Matthew Levitt (@Levitt_Matt) <a href="https://twitter.com/Levitt_Matt/status/1869046308583223665?ref_src=twsrc%5Etfw" target="_blank" rel="nofollow">December 17, 2024</a>
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<p>Non-compliance with these measures could result in additional enforcement actions, including for individuals or businesses outside the U.S., according to OFAC.</p> 
<p>The U.S. government worked in partnership with the UAE to impose these sanctions, signaling a coordinated effort to counter <a href="https://crypto.news/tag/north-korea/" target="_blank">North Korea’s</a> destabilizing activities. The move underscores the critical role of international collaboration in targeting illicit financial networks that exploit emerging technologies like cryptocurrencies.</p> 
<p> You might also like: <a rel="" href="https://crypto.news/lastpass-hackers-drained-12-4m-eth-from-100-wallets-zachxbt/"> LastPass hackers drained $12.4m ETH from 100+ wallets: ZachXBT </a> </p>

US shuts down North Korean crypto laundering network

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