United

Green

April

The United States Treasury Department’s Office of Foreign Assets Control (OFAC)&nbsp;has worked closely with the government of the United Arab Emirates to impose sanctions on actors it accuses of enabling North Korean digital asset laundering.
<h2 id="disassembling-a-network">Disassembling a network</h2>
OFAC has sanctioned two Chinese citizens — Lu Huaying&nbsp;and&nbsp;Zhang Jian — and UAE-based Green Alpine Trading for their alleged parts in cryptocurrency conversion and the laundering of funds that were subsequently sent to the Democratic People’s Republic of Korea. 
Acting Treasury Under Secretary for Terrorism and Financial Intelligence Bradley T. Smith <a data-ct-non-breakable="null" href="https://home.treasury.gov/news/press-releases/jy2752" rel="null" target="null" text="null" title="null">said</a> in a statement:
<blockquote>
 “As the DPRK continues to use complex criminal schemes to fund its WMD [weapons of mass destruction] and ballistic missile programs — including through the exploitation of digital assets — Treasury remains focused on disrupting the networks that facilitate this flow of funds to the regime.”
</blockquote>
Lu and Zhang are residents of the UAE. Lu allegedly converted cryptocurrency into fiat and used it to obtain goods and services destined for North Korea or its proxies. He was active between early 2022 and September 2023, the Treasury Department said.
Zhang was also involved in currency operations. He possibly also acted as a courier for Sim Hyon Sop, an executive of Korea Kwangson Banking Corporation in China. Sim <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/ofac-sanctions-otc-traders-who-converted-crypto-for-north-korea-s-lazarus-group" rel="null" target="null" text="null" title="null">was sanctioned in April 2023</a> and the US Justice Department has unsealed two indictments against him at that time.
Sim was accused of running money laundering operations and conspiring with North Korean information technology workers to generate income illegally in the United States.
UAE-based Green Alpine Trading company is alleged to be a front for money laundering operations that support Sim’s activities. The company’s website is currently suspended.
<figure>
 <img alt="US Treasury and UAE target North Korean digital asset launderers" src="https://s3.cointelegraph.com/uploads/2024-12/0193d67f-3177-7179-878e-cfcc5fbd4d45" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://x.com/ttcsnetwork/status/1868989528448680169" rel="nofollow noopener" target="_blank" text="null" title="https://x.com/ttcsnetwork/status/1868989528448680169">Turkish Trade Compliance &amp; Sanctions Network</a>
 </figcaption>
</figure>
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/treasury-donald-trump-tornado-cash-approach" rel="null" target="null" text="null" title="null">US Treasury under Trump could take a different approach to&nbsp;Tornado Cash</a>
<h2 id="resourceful-adversaries">Resourceful adversaries</h2>
According to TRM Labs, groups with ties to North Korea <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/north-korea-hackers-stole-crypto" rel="null" target="null" text="null" title="null">stole at least $600 million</a> in cryptocurrency in 2023, and possibly as much as $700 million, through a variety of means. Another source said the North Koreans <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/north-korean-hackers-stolen-crypto" rel="null" target="null" text="null" title="null">stole $3 billion worth</a> of crypto between 2017 and 2023.
Among the techniques that have been attributed to North Korean actors are <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cosmos-lsm-built-north-korean-developers-security-concerns" rel="null" target="null" text="null" title="null">impersonating authorized workers</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/upbit-hack-lazarus-south-korea-police" rel="null" target="null" text="null" title="null">hacking cryptocurrency</a> <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/wazirx-235m-hack-north-korean-hackers" rel="null" target="null" text="null" title="null">exchanges</a>, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/north-korean-malware-bypasses-apple-security" rel="null" target="null" text="null" title="null">planting malware</a> in an operating system and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/north-korea-tornado-cash-crypto-laundering" rel="null" target="null" text="null" title="null">using crypto mixers</a>.
<figure>
 <img alt="US Treasury and UAE target North Korean digital asset launderers" src="https://s3.cointelegraph.com/uploads/2024-12/0193d681-22ad-778b-8ce4-1e99ddd462c4" title="">
 <figcaption style="text-align: center;">
 Source: <a data-ct-non-breakable="null" href="https://www.fbi.gov/wanted/counterintelligence/sim-hyon-sop/@@download.pdf" rel="nofollow noopener" target="_blank" text="null" title="https://www.fbi.gov/wanted/counterintelligence/sim-hyon-sop/@@download.pdf">US Federal Bureau of Investigation</a>
 </figcaption>
</figure>
Magazine:&nbsp;<a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/north-korean-hackers-private-keys-flash-loan-attacks/" rel="null" target="null" text="null" title="https://cointelegraph.com/magazine/north-korean-hackers-private-keys-flash-loan-attacks/">Lazarus Group’s favorite exploit revealed — Crypto hacks analysis</a>
&nbsp;

US Treasury and UAE target North Korean digital asset launderers

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