The US Treasury Department shut down a North Korean laundering crypto scheme using cryptocurrency to wash millions of dollars. The isolated regime has been linked to several crypto-related crimes. The government emphasized its commitment to dismantling these criminal networks as North Korea continues to exploit complex schemes to sustain its military advancements. US Treasury Sanctions UAE Network Laundering Millions for North Korea’s Cyber Program On Tuesday, the United States levied sanctions against two people and one entity based in the United Arab Emirates and accused them of operating a network that launders millions of dollars generated by IT workers and cybercrimes on behalf of the North Korean government. The US Treasury said the sanctioned individuals helped North Korea launder money and convert cryptocurrency using Green Alpine Trading LLC. The UAE-based front company was used to finance Pyongyang’s operations, including its weapons and missile programs. According to the Office of Foreign Assets Control, Green Alpine Trading converted cryptocurrency into cash for North Korea. This effort is part of the broader strategy to stop North Korea’s use of digital assets for illicit activities. Previously, such funding relied on dark web operations and other illegal market forms to support weapons programs. The US government emphasized its commitment to dismantling criminal networks enabling North Korea’s military advancements. US Treasury’s sanctions also hit Chinese nationals Lu Huaying and Zhang Jian, who have been collaborating with Green Alpine Trading since 2022. These sanctions freeze their US assets and generally bar Americans from engaging in transactions with them. Crypto Attacks Target Billions for Weapons Development North Korea has been notoriously attacking the cryptocurrency industry as a way to allegedly pilfer billions of dollars that would fund its nuclear weapon development. This is partially possible because crypto industry laws in the US aren’t perfectly clear. Just recently, Bitwise CIO Matt Hougan raised concerns over the lack of regulatory clarity for the cryptocurrency industry, especially in light of the ongoing debate about whether crypto assets should be classified as securities or commodities. The challenging part is converting digital assets into fiat currency, which companies like Green Alpine help facilitate. The exact amount laundered remains unclear but is linked to “illicit revenue generation schemes.” This development highlights ongoing cooperation between the U.S. Treasury and international partners like the UAE to combat crypto misuse. The Emirati embassy in Washington did not immediately comment on the matter. The US continues to push for stricter sanctions to prevent North Korea from financing its weapons programs through illicit networks. The post US Treasury Sanctions UAE-Based Firm for Laundering Crypto for North Korea appeared first on CoinGape .
