U.S. Sanctions North Korean Bankers Over Spate of Crypto Crime

The U.S. Treasury Department, through OFAC, imposed sanctions on eight individuals and two entities accused of laundering millions in cryptocurrency derived from cybercrimes, including ransomware and crypto thefts, to finance North Korea's weapons programs. Under Secretary John K. Hurley stated that state-sponsored hackers steal and launder money to fund the regime’s nuclear ambitions. The sanctioned network utilized cryptocurrency transactions and shell companies, with two bankers, Jang Kuk Chol and Ho Jong Son, managing at least $5.3 million in crypto linked to First Credit Bank. Additionally, the Treasury targeted Korea Mangyongdae Computer Technology Company (KMCTC) and its president, U Yong Su, for using Chinese proxies to disguise funds earned by overseas DPRK IT workers, and also designated Ryujong Credit Bank for facilitating illicit transfers. These actions aim to cut off revenue streams fueling North Korea's cyber operations and weapons development.

(Source：CoinDesk)