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The U.S. Treasury Department has identified an over-the-counter (OTC) cryptocurrency trader who assisted North Korea’s Lazarus Group in converting stolen cryptocurrencies into fiat currency. Crypto traders in China and Hong Kong have been sanctioned by the Ministry of Finance’s Office of Foreign Assets Control (OFAC). Additionally, a China-based banker was sanctioned for adjusting some of the illegal cash flows.
Wu Huihui has been sanctioned by OFAC for “providing material support to the Lazarus Group,” a North Korean hacking group known for its biggest cryptocurrency exploits.according to the statement release The Treasury Department announced on April 24 that China-based Wu will make multiple transactions in 2021 to convert millions of dollars worth of cryptocurrency to fiat for North Korean “cyber actors.” Did.
Although the Chinese government has severely restricted the operation of cryptocurrencies, over-the-counter trading is still possible. The Ministry of Finance said in a statement:
“Frequently, North Korea [Democratic People’s Republic of Korea] used by actors […] A network of OTC traders, including OTC traders based in the People’s Republic of China (PRC), trading on behalf of financial institutions or competent authorities to avoid detection. ”
Cheng Hung Man, an Englishman based in Hong Kong, Licensed For providing material support to Wu. He allegedly helped Wu gain access to the U.S. financial system using front companies to evade detection.
RELATED: North Korea stole more crypto in 2022 than any other year: UN report
Sim Hyon Sop, a North Korean living in China, is the Deputy Head of Korea Kwangson Banking Corp. He was sanctioned for coordinating financial transfers from traders, including Wu and Cheng. ballistic missile program.
U.S. Treasury Department #OFAC It has just issued further sanctions targeting North Korea. #Crypt– Efficient sanctions evasion activities.
Today OFAC approved Wu HuiHui and Cheng Hung Man in China and an OTC based in Hong Kong. #cryptocurrency broker…https://t.co/bLoqlVyMYo
— Jay “TechAdept” Laurence (@TechAdeptRDD) April 24, 2023
Department of Justice announced Two indictments against Shim have been unsealed, accusing Sim of conspiring with OTC traders to use stolen funds to buy goods destined for North Korea, and of North Korean IT workers through illegal employment in the United States. He was charged with earning income. The federal indictment against Wu, Cheng, and Shim was returned on his April 18th. The Treasury Department noted that the Federal Bureau of Investigation and the South Korean government were involved in the investigation.
Tobacco products and telecommunications equipment were also listed as commodities that North Korea would acquire with fiat currency derived from cryptocurrency abuse. The Lazarus Group is associated with the Harmony Bridge hack, the Ronin Bridge hack, and other major exploits.
Magazines: Huawei NFTs, Toyota Hackathon, North Korea vs. Blockchain: Asia Express
