North Korea’s Crypto Laundering: DOJ Seizes Funds, Garantex Reserves Resurface

The US government is intensifying its efforts to combat illicit cryptocurrency activities linked to North Korean actors. Two significant developments underscore this trend: the DOJ seizing over $7.74 million in crypto funds allegedly acquired by North Korean IT operatives and the emergence of active crypto reserves from the sanctioned Russian exchange, Garantex. 2023 saw a notable indictment against Sim Hyon Sop, a financier accused of laundering funds for the North Korean government. This case highlights how North Korea is increasingly utilizing cryptocurrency to circumvent sanctions.