Particle.news
Download on the App Store
5 ARTICLES
·
last wk.

U.S. Seeks Forfeiture of $7.74 Million in North Korean IT Workers’ Crypto Scheme

It aims to disrupt a clandestine network of IT contractors using stolen identities to funnel cryptocurrency back to Pyongyang

Image
The Justice Department wants to confiscate $7.7 million of crypto linked to an alleged North Korean agent.
Image
Image

Overview

  • The Justice Department filed a June 5 civil forfeiture complaint in Washington D.C. seeking to seize $7.74 million linked to a North Korean IT workers’ operation.
  • Prosecutors allege the contractors obtained remote roles at U.S. blockchain firms with stolen or fake IDs and were paid in stablecoins such as USDC and USDT.
  • According to the complaint, laundered funds were split into small transfers, shifted across multiple blockchains and concealed in NFTs before being sent to North Korea.
  • The forfeiture follows an April 2023 indictment of Sim Hyon Sop, a North Korean Foreign Trade Bank official charged with coordinating those illicit cryptocurrency flows.
  • The FBI has issued updated guidance advising companies on detecting fraudulent credentials and sophisticated laundering patterns used by suspected North Korean IT operatives.