U.S. Sanctions North Korean Bankers and IT Fronts
The U.S. Treasury Department has imposed sanctions on eight individuals and two entities for their involvement in laundering funds linked to North Korean cyber thefts and overseas IT operations.
These sanctions are part of a broader effort to combat a scheme that has stolen over $3 billion in cryptocurrency over the past three years, allegedly to fund weapons programs.
- Jang Kuk Chol and Ho Jong Son, bankers tied to $5.3 million in crypto for First Credit Bank
- Korea Mangyongdae Computer Technology Company and its president, U Yong Su
- Ryujong Credit Bank
- Five North Korean banking representatives operating in China and Russia
The sanctions freeze any U.S.-linked assets of the listed actors and bar U.S. persons from dealing with them.
The designations track millions in illicit flows, including $2 million.
Author's summary: US sanctions North Korean entities for crypto theft.
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