The U.S. Department of Justice (DOJ) is set to seize 7.7 million USD in cryptocurrency laundered by North Korean Information Technology (IT) workers who used fake identities, according to Cointelegraph.
Last April, the DOJ froze these funds while prosecuting Chinese banker Sim Hyon Sop for aiding North Korean workers in money laundering operations.
The assets targeted for confiscation include stablecoins, Bitcoin, non-fungible tokens (NFTs), and Ethereum Name Service domains, distributed across various crypto wallets and Binance accounts. The DOJ stated that this legal action aims to counter North Korea’s attempts to exploit the cryptocurrency ecosystem for funding.
North Korean IT workers used forged identifications (IDs) to gain employment at crypto firms, primarily receiving payment in stablecoins like USDC and Tether. They subsequently employed various laundering techniques to obscure the origin of the money.
Google’s Threat Analysis Group has cautioned that North Korea is expanding its infiltration into blockchain companies beyond U.S. borders.
