US sanctions UAE-based Chinese nationals over North Korean crypto laundering



News US sanctions UAE-based Chinese nationals over North Korean crypto laundering Two men and their front company designated for converting stolen cryptocurrency to cash to fund DPRK weapons programs Shreyas Reddy December 18, 2024 SHARE COPY LINK FACEBOOK X LINKEDIN MASTODON North Koreans inspecting U.S. currency notes. \| Image: NK News (Sept. 2017) The U.S. has sanctioned two Chinese nationals based in the United Arab Emirates (UAE) and their front company for laundering millions of dollars in cryptocurrency stolen by North Korean cybercriminals to fund Pyongyang's weapons programs. The Office of Foreign Assets Control (OFAC) designated Lu Huaying and Zhang Jian for converting cryptocurrency into cash on behalf of Sim Hyon Sop, a previously sanctioned North Korean banking representative, the Treasury Department announced in a press release on Tuesday. The U.S. has sanctioned two Chinese nationals based in the United Arab Emirates (UAE) and their front company for laundering millions of dollars in cryptocurrency stolen by North Korean cybercriminals to fund Pyongyang's weapons programs. The Office of Foreign Assets Control (OFAC) designated Lu Huaying and Zhang Jian for converting cryptocurrency into cash on behalf of Sim Hyon Sop, a previously sanctioned North Korean banking representative, the Treasury Department announced in a press release on Tuesday. Try unlimited access Only $1 for four weeks Unlimited access to all of NK News: reporting, investigations, analysis Year-one discount if you continue past $1 trial period The NK News Daily Update, an email newsletter to keep you in the loop Searchable archive of all content, photo galleries, special columns Contact NK News reporters with tips or requests for reporting Get unlimited access to all NK News content, including original reporting, investigations, and analyses by our team of DPRK experts. Subscribe now All major cards accepted. No commitments – you can cancel any time. © Korea Risk Group. All rights reserved. No part of this content may be reproduced, distributed, or used for commercial purposes without prior written permission from Korea Risk Group. Get the Daily Update Start your day with the North Korea stories that matter most – as selected by And how should we address you in correspondence? One more step! Please check your inbox, for an email we just sent you, and click on the confirmation message in it to get subscribed to our Daily News Update. Trending

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US sanctions UAE-based Chinese nationals over North Korean crypto laundering

Two men and their front company designated for converting stolen cryptocurrency to cash to fund DPRK weapons programs

Shreyas Reddy December 18, 2024

US sanctions UAE-based Chinese nationals over North Korean crypto laundering

North Koreans inspecting U.S. currency notes. | Image: NK News (Sept. 2017)

The U.S. has sanctioned two Chinese nationals based in the United Arab Emirates (UAE) and their front company for laundering millions of dollars in cryptocurrency stolen by North Korean cybercriminals to fund Pyongyang's weapons programs.

The Office of Foreign Assets Control (OFAC) designated Lu Huaying and Zhang Jian for converting cryptocurrency into cash on behalf of Sim Hyon Sop, a previously sanctioned North Korean banking representative, the Treasury Department announced in a press release on Tuesday.

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US sanctions UAE-based Chinese nationals over North Korean crypto laundering

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