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The U.S. Department of Justice has initiated forfeiture proceedings against illegal encryption assets of North Korean remote IT workers.
According to Wu, the U.S. Department of Justice launched a civil forfeiture lawsuit against $7.74 million in crypto assets on June 5. The investigation revealed that a group of North Korean IT workers were paid to work remotely under false identities and then transferred the obtained stablecoins back to North Korea through a money laundering process to circumvent U.S. sanctions and fund military programs. The cyber operation was coordinated by Sim Hyon Sop, representative of the DPRK Foreign Trade Bank. Currently, the FBI is still investigating the case.