A North Korean operation allegedly laundered a substantial amount of cryptocurrency by routing funds through multiple digital wallets before converting them to USD via brokers in the United Arab Emirates and China, then moving the money through shell-company accounts. The funds were not sent directly to North Korea but were instead used to purchase goods for the Kim regime.
According to the cryptocurrency analytics firm Chainalysis, the network of so-called bankers may have laundered around $60 billion over several years, an amount roughly equivalent to 9 trillion won. The scheme relied on brokers and disguised transfers to mask the origins of the funds, highlighting ongoing challenges for sanctions enforcement and crypto compliance.
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