US authorities are working to take control of $7.74 million worth of cryptocurrency linked to North Korean workers who used false identities to get remote jobs in the blockchain industry.
These individuals posed as overseas freelancers and were paid in digital currencies, which were then hidden through various transfer methods.
The Department of Justice began this process after freezing the funds in April 2023. The money is tied to a case involving Sim Hyon Sop, a banker based in China, who is accused of helping North Korea move this income without detection.
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The current effort is a civil forfeiture case filed in Washington, DC, on June 5.
The digital assets include cryptocurrencies, such as Bitcoin
Matthew Galeotti from the Department of Justice said this case shows how North Korea is trying to use cryptocurrency to get around global restrictions. He added that the department will use all legal options to stop this kind of activity and protect digital financial systems from misuse.
Along with Sim Hyon Sop, another man named Kim Sang Man was also mentioned. He has already been sanctioned by the US Treasury for his role in laundering money for North Korea.
On June 4, US officials announced that they had shut down a dark web platform known as BidenCash. How? Read the full story.
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
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