The US Department of the Treasury, in collaboration with the United Arab Emirates (UAE), has shut down a network accused of laundering cryptocurrency payments to support North Korea’s criminal activities. The network included two Chinese individuals, Lu Huaying and Zhang Jian, as well as Green Alpine Trading, a company based in the UAE. These penalties target anyone accused of transferring digital assets into cash to fund North Korea’s government and military objectives.
The Treasury Department’s Office of Foreign Assets Control (OFAC) sanctioned the people and the corporation for aiding money laundering actions that benefited the North Korean dictatorship. The operation apparently entailed the conversion of bitcoin into fiat cash, which was subsequently utilized to buy products and services associated with North Korea and its proxies. Lu, who worked in the UAE from early 2022 to September 2023, was notably active in these activities. Another significant participant, Zhang, served as a courier for Sim Hyon Sop, a known North Korean operative previously sanctioned by the United States in 2023.
This crackdown demonstrates North Korea’s growing reliance on digital assets to fuel its nuclear and ballistic missile programs. The US and UAE remain committed to pursuing their efforts to dismantle these financial networks, which play a crucial role in the regime’s destabilizing activities. Despite tremendous progress, the global campaign to monitor and deter North Korea’s illicit usage of cryptocurrencies continues.
