OFAC sanctions OTC merchants who transformed crypto for North Korea’s Lazarus group

The US Treasury Division has recognized over-the-counter (OTC) cryptocurrency merchants who assisted North Korea’s Lazarus Group in changing stolen crypto into fiat foreign money. Crypto merchants in China and Hong Kong have been sanctioned by the Treasury’s Workplace of International Belongings Management (OFAC). As well as, a China-based banker was sanctioned for coordinating a number of the illicit cashflow.

Wu Huihui was sanctioned by OFAC for “offering materials assist to the Lazarus Group,” the North Korean hacker group identified for a number of the largest exploits in crypto. In accordance with an announcement launched by the Treasury Division on April 24, Wu, primarily based in China, transformed tens of millions of {dollars}’ value of crypto into fiat foreign money for North Korean “cyber actors” in a number of transactions in 2021.

Proceed Studying on Coin Telegraph