US Cracks Down on North Korea’s Crypto-Fueled Money Laundering Network
According to the latest reports, the United States has made efforts to disrupt illicit crypto-related networks that support North Korea’s government, announcing sanctions against two individuals and one entity in the United Arab Emirates (UAE).
The US Treasury Department particularly said the parties acted as front companies for the North Korean regime that performed operations to launder money and convert it into cryptocurrency before transferring millions of dollars directly back to Pyongyang, a city in North Korea.
The Perpetration
Reportedly, the funds were obtained from cybercrimes and IT workers, which contribute to North Korea’s weapons of mass destruction (WMD) and ballistic missile programs.
The two men — Lu…
