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9m ago

U.S. Sanctions North Korean Bankers and IT Fronts Over Crypto Laundering for Weapons Programs

The move builds on a recent 11‑nation assessment of DPRK cyber and IT‑worker schemes, signaling penalties for intermediaries that help move stolen crypto.

FILE - The Treasury Building is viewed in Washington, May 4, 2021. (AP Photo/Patrick Semansky, File)
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A TV screen shows a report of North Korea's multiple rocket launchers during a news program at the Seoul Railway Station in Seoul, South Korea, Friday, May 31, 2024. North Korean leader Kim Jong Un supervised firing drills involving nuclear-capable "super-large" multiple rocket launchers to show the country's ability to carry out preemptive attacks on rival South Korea, state media reported Friday. (AP Photo/Lee Jin-man)
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Overview

  • OFAC designated eight individuals and two entities, including bankers Jang Kuk Chol and Ho Jong Son, Korea Mangyongdae Computer Technology Company, its president U Yong Su, and Ryujong Credit Bank.
  • Treasury said North Korea-linked operations diverted over $3 billion in the past three years, relying on malware, ransomware, social engineering, and fraudulent overseas IT work.
  • Officials highlighted networks of banking representatives, shell companies, and proxies in China and Russia, with IT worker hubs in Shenyang and Dandong and a Foreign Trade Bank representative in Vladivostok.
  • The sanctions block all property under U.S. jurisdiction and bar U.S. persons from transacting with the designees, while warning foreign financial institutions of potential secondary sanctions.
  • The action also identified dozens of crypto wallet addresses and cited specific flows, including $5.3 million managed for sanctioned First Credit Bank and more than $85 million facilitated by Ho Yong Chol.