As a seasoned crypto investor with over a decade of experience in this dynamic digital frontier, I can’t help but feel a mix of intrigue and concern when reading about these sanctions imposed by OFAC on actors enabling North Korean digital asset laundering. Having navigated numerous market fluctuations and witnessed the rise and fall of countless cryptocurrencies, it’s become increasingly clear that our crypto world is not just a playground for innovation but also an attractive target for resourceful adversaries.
The U.S. Treasury Department’s Office of Foreign Assets Control (OFAC) has collaborated closely with the UAE government in enforcing sanctions against individuals they believe are facilitating money laundering activities involving North Korean cryptocurrencies.
Disassembling a network
The Office of Foreign Assets Control (OFAC) has imposed sanctions on three entities: Lu Huaying, Zhang Jian (individuals from China), and Green Alpine Trading based in the United Arab Emirates. These entities are suspected of involvement in exchanging cryptocurrencies and laundering funds that were eventually transferred to North Korea, known as the Democratic People’s Republic of Korea.
In a public announcement, the Acting Under Secretary for Terrorism and Financial Intelligence at the Treasury Department, named Bradley T. Smith, made a statement:
“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.”
Lu and Zhang are inhabitants of the United Arab Emirates. It is alleged that Lu exchanged cryptocurrency into traditional currency and then acquired goods and services intended for North Korea or its associates. His activities were carried out from early 2022 up until September 2023, as stated by the Treasury Department.
In addition to currency transactions, it is suggested that Zhang may have served as a messenger for Sim Hyon Sop, a high-ranking official at Korea Kwangson Banking Corporation in China. Sim was subject to sanctions in April 2023, and at that time, the United States Department of Justice unveiled two indictments against him.
As a forensic investigator, I’ve uncovered evidence suggesting that I have been implicated in illicit activities. Allegations claim that I was involved in money laundering schemes and collaborating with North Korean IT specialists to unlawfully procure funds within the U.S. borders.
It’s said that Green Alpine Trading, a business based in the United Arab Emirates, may serve as a cover for illicit money laundering operations linked to Sim. Their official website has been temporarily taken down.
Resourceful adversaries
As reported by TRM Labs, it’s estimated that organizations linked to North Korea could have stolen approximately $600 million, potentially up to $700 million, in cryptocurrency during the year 2023. Another source claims that the total amount of cryptocurrency stolen by North Koreans between 2017 and 2023 might reach a staggering $3 billion.
One method that’s often linked to North Korean cyberactors involves posing as legitimate personnel, infiltrating cryptocurrency platforms, embedding malicious software into systems, and employing crypto tumblers for obfuscation.
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2024-12-18 00:51