US DOJ charges N Korea Bank official in Crypto laundering cases
The U.S. Department of Justice (DOJ) dragged 4 people under its enforcement action because of their involvement in crypto money laundering activities.
The Democratic People’s Republic of Korea is a highly centralized totalitarian state. Despite the dictatorship in the country, citizens are allowed to trade crypto assets in the jurisdiction of North Korea. Over 1.9 million people in the country (3.8% of the country’s total population) hold crypto assets. North Korean hackers are also popular in the crypto sector as big exploiters. In 2022, Korean hackers targeted Defi protocols to steal crypto assets easily.
On 24 April 2023, The U.S. Department of Justice (DOJ) announced charges against 4 people. These people are Sim Hyon Sop, Wu Huihu, Cheng Hung Man, & Jammy Chen.
The DOJ alleged that Sim Hyon Sop, a North Korean Foreign Trade Bank representative, was involved in two big digital assets money laundering activities.
Sim allegedly helped to launder the crypto assets, which were stolen from the crypto exchanges. He was using cryptocurrencies to spend on goods for North Korea. Sim also conspired with North Korean IT workers by laundering revenue earned through illegal employment at American crypto firms.
DOJ official Kenneth A. Polite noted that the crypto-related activities done by Sim were totally against the US sanction against N Korea.
Wu Huihu and Cheng Hung Man were reportedly involved in those crypto money laundering. Wu Huihu faced separate charges.
Korean hack attacks in the Crypto sector
In 2022, Korean hacking groups attacked several crypto platforms and more than 50% of crypto platforms were Defi protocols.
The DOJ alleged that the biggest crypto hack attacks on the Horizon Bridge and Ronin Bridge in 2022 were conducted by Lazarus Group, an N Korean state-backed Lazarus hacking group.
Read also: Now S Korean Central Bank can investigates Crypto exchanges
