OFAC continues to shed light on the complex web of North Korean illicit finance.
The United States Treasury Department has identified over-the-counter cryptocurrency traders who assisted North Korea’s Lazarus Group in converting stolen crypto into fiat currency. Crypto traders in China and Hong Kong have been sanctioned by the Treasury’s Office of Foreign Assets Control . In addition, a China-based banker was sanctioned for coordinating some of the illicit cashflow.
Wu Huihui was sanctioned by OFAC for “providing material support to the Lazarus Group,” the North Korean hacker group known for some of the biggest exploits in crypto. According to a statement by the Treasury Department on April 24, Wu, based in China, converted millions of dollars’ worth of crypto into fiat currency for North Korean “cyber actors” in multiple transactions in 2021.OTC transactions are still possible“Frequently, DPRK [Democratic People’s Republic of Korea] actors use […] networks of OTC traders, including People’s Republic of China -based OTC traders, to conduct transactions on their behalf to avoid detection by financial institutions or competent authorities.
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