U.S. Treasury Shuts Down North Korean Cryptocurrency Laundering Network

According to Odaily, the U.S. Treasury announced on Tuesday the closure of a North Korean cryptocurrency laundering network. This network was responsible for laundering millions of dollars for North Korea, a significant player in global crypto-related crimes. The Office of Foreign Assets Control (OFAC) of the U.S. Treasury Department released a statement revealing that a front company based in the United Arab Emirates, named Green Alpine Trading, LLC, was involved in converting cryptocurrency into cash to fund North Korea. The action taken by the U.S. Treasury highlights ongoing efforts to combat illicit financial activities linked to North Korea. The network's dismantling is part of a broader strategy to curb the financial resources that support North Korea's activities, which often include cybercrime and other illegal operations. By targeting entities like Green Alpine Trading, LLC, the U.S. aims to disrupt the financial channels that facilitate these activities, thereby reducing the threat posed by North Korea's involvement in global cryptocurrency crimes.