U.S. sanctions network that allegedly laundered $800 million in crypto for North Korea

The U.S. Treasury Department, through its Office of Foreign Assets Control (OFAC), imposed sanctions on six individuals and two companies accused of helping North Korea convert and launder $800 million in cryptocurrency during 2024 to fund its weapons of mass destruction (WMD) programs. The operation involved placing IT workers in foreign companies, including in the U.S., who then channeled their wages back to Pyongyang. This network operated across countries like Vietnam, Laos, and Spain, utilizing a mix of centralized exchanges, DeFi services, and cross-chain bridges. Secretary of the Treasury Scott Bessent stated that North Korean operatives use deceptive schemes to extort businesses and steal sensitive data. Among those sanctioned is Nguyen Quang Viet, CEO of a Vietnam-based company, who allegedly converted about $2.5 million into crypto for North Korean actors. OFAC designated 21 crypto wallet addresses across Ethereum, Tron, and Bitcoin, highlighting North Korea's increasingly multichain approach to illicit finance.

(Source：CoinDesk)