"The U.S. Treasury Department on Tuesday imposed sanctions against eight individuals and two entities within North Korea's global financial network for laundering money for various illicit schemes, including cybercrime and information technology (IT) worker fraud. "North Korean state-sponsored hackers steal and launder money to fund the regime's nuclear weapons program," said Under Secretary of the Treasury for Terrorism and Financial Intelligence John K. Hurley."
"Korea Mangyongdae Computer Technology Company (KMCTC), an IT company based in North Korea that has dispatched two IT worker delegations to the Chinese cities of Shenyang and Dandong, and has used Chinese nationals as banking proxies to conceal the origin of funds generated as part of the fraudulent employment scheme. U Yong Su, KMCTC's current president. Ryujong Credit Bank, which has provided financial assistance in sanctions avoidance activities between China and North Korea"
The U.S. Treasury imposed sanctions on eight individuals and two entities for laundering proceeds from cybercrime, fraudulent IT worker schemes, and other illicit activity that funded North Korea. Two individuals managed funds, including $5.3 million in cryptocurrency, on behalf of First Credit Bank (Cheil Credit Bank). KMCTC dispatched IT worker delegations to Chinese cities and used Chinese nationals as banking proxies to hide proceeds. Ryujong Credit Bank aided sanctions-avoidance between China and North Korea. Additional representatives in Russia and China facilitated transactions worth millions. A portion of $5.3 million has been linked to a North Korean ransomware actor that targeted U.S. victims.
Read at The Hacker News
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