The United States has indicted a North Korean banker for his alleged role in cryptocurrency laundering conspiracies designed to buy goods and generate revenue for the North Korean regime.
Sim Hyon Sop, a representative of the North Korean Foreign Trade Bank (FTB), was accused of conspiring with over-the-counter crypto traders to launder funds stolen from “virtual currency exchange hacks.”
The laundered funds were then transferred in U.S. dollars for purchasing goods through Hong Kong-based front companies on behalf of North Korea, the Department of Justice said in a statement on April 24.
Sim, 39, was also charged with conspiring with North Korean IT workers who obtained illegal employment at U.S. blockchain development companies to generate revenue for North Korea, according to the DOJ….