• The U.S. Treasury Department has identified three individuals who handled stolen crypto and fiat currency for North Korea’s Lazarus Group.
• These individuals, Wu Huihui, Cheng Hung Man and Sim Hyon Sop have been sanctioned by the OFAC for providing material support to the group.
• They converted millions of dollars’ worth of cryptocurrency into fiat currency for North Korean “cyber actors” in multiple transactions in 2021.
U.S Identifies Crypto Traders Assisting North Korea’s Lazarus Group
The United States Treasury Department has identified over-the-counter (OTC) cryptocurrency traders who assisted North Korea’s Lazarus Group in converting stolen crypto into fiat currency. The Office of Foreign Assets Control (OFAC) has sanctioned these individuals based in China and Hong Kong for providing material support to the group.
Identified Individuals
Wu Huihui was sanctioned by OFAC for “providing material support to the Lazarus Group”, a North Korean hacker group known for some of the biggest exploits in crypto. He allegedly converted millions of dollars’ worth of cryptocurrency into fiat currency for North Korean “cyber actors” in multiple transactions in 2021 from China where operations with cryptocurrencies are restricted but OTC transactions are still possible.
Cheng Hung Man, a Hong Kong-based British national was also sanctioned by OFAC as he helped Wu access the U.S financial system using front companies to avoid detection by financial institutions or competent authorities.
Sim Hyon Sop, a North Korean living in China and deputy representative of the Korea Kwangson Banking Corporation was also found guilty as he coordinated fraudulent financial transfers from traders like Wu and Cheng that eventually supported North Korea’s weapons of mass destruction and ballistic missile programs.
Impact on Crypto World
These sanctions imposed on these three individuals will hopefully set an example and send out a clear message that any illegal activities involving cryptocurrencies will not be tolerated at any cost, regardless of country or region it is conducted within or outside US borders.. It is important to note that this action taken against these individuals is part of US government efforts to prevent cybercrime and money laundering activities through digital currencies such as Bitcoin or Ethereum which have become increasingly popular since 2017 when it peaked at its all time high price record above $20k USD per coin . This move may help instill greater trust among investors looking to invest in cryptocurrencies further propelling growth within this sector moving forward .
Conclusion
It’s clear that governments around the world are taking serious steps towards curbing cybercrime activities related to cryptocurrencies so it’s important that investors stay vigilant when engaging with digital assets especially when making international trades/transactions involving large sums of money . Hopefully , with more stringent measures being put into place , we can build an even more secure environment which allows us to enjoy all the benefits associated with blockchain technology without worrying about malicious actors seeking take advantage .
Takeaway
The U.S Treasury Department has identified three individuals who were involved in handling stolen crypto funds belonging to North Korea’s infamous Lazarus Group – Wu Huihui , Cheng Hung Man & Sim Hyon Sop . These individuals were subsequently punished by OFAC (Office Of Foreign Assets Control ) for their involvement thus sending out a strong message about zero tolerance policy towards illegal activity related to digital assets .