US Sanctions Ring Enabling North Korea IT Worker Fraud

The US Treasury Department’s Office of Foreign Assets Control (OFAC) has sanctioned six individuals and two entities involved in a North Korean IT worker fraud scheme. These schemes target various industries, including blockchain companies, and generate revenue to support North Korea’s weapons program. The sanctioned parties operate in North Korea, Vietnam, Laos, and Spain, and include Amnokgang Technology Development Company and Nguyen Quang Viet, CEO of Quangvietdnbg International Services Company Limited, accused of laundering $2.5 million in cryptocurrency. OFAC also designated 21 cryptocurrency addresses across Ethereum and Tron. Chainalysis reports that North Korea is adopting a multi-chain approach to fund movement and that these schemes represent a growing threat, often involving malware and stolen identities. Cryptocurrency businesses are advised to screen counterparties and monitor for suspicious activity.

(Source：Cointelegraph)