The U.S. Department of Justice is seeking to seize $7.74 million in cryptocurrency linked to North Korean IT workers involved in laundering activities. The initiative comes as part of an indictment against Sim Hyon Sop, a banker in China accused of facilitating the laundering of funds earned through fake identities at blockchain firms. The DOJ aims to confiscate various cryptocurrencies, including stablecoins and Bitcoin, that were initially frozen in April 2023. Officials highlighted that the North Korean government is exploiting the cryptocurrency ecosystem to fund illicit activities. The indicted IT workers are alleged to have used laundering techniques like chain hopping and token swaps, and the proceeds were intended to be sent back to North Korea. This move underscores the ongoing efforts by North Korea to infiltrate the crypto industry for fundraising, specifically amidst rising scrutiny from global authorities. In 2022, U.S. agencies issued a warning about the North's infiltration into freelance tech roles, particularly in crypto.

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