US Sanctions North Korean Actors For $3 Billion Crypto Hack

"Over the past three years, North Korea-affiliated cybercriminals have stolen more than $3 billion, mostly in crypto, according to the Treasury Department. They used advanced malware, social engineering, and ransomware to hit banks, exchanges, and other digital platforms. The U.S. Treasury said the funds help Pyongyang finance its nuclear weapons and missile programs. "North Korean state-sponsored hackers steal and launder money to fund the regime's nuclear weapons program," said John K. Hurley, Treasury Under Secretary for Terrorism and Financial Intelligence."

"The sanctions hit bankers Jang Kuk Chol and Ho Jong Son. They helped manage over $5.3 million in cryptocurrency linked to ransomware attacks and revenue from DPRK IT workers abroad. Korea Mangyongdae Computer Technology Corp., an IT firm, was also sanctioned. The company runs IT worker delegations in China and uses local proxies to hide the source of funds. Its president, U Yong Su, was designated as well, per the Treasury's release."

"Ryujong Credit Bank, based in Pyongyang, was sanctioned for helping launder money between North Korea and China. Five DPRK banking representatives in China and Russia were also targeted for moving millions in dollars, yuan, and euros through global financial networks. Last year, The FBI issued a warning that North Korean hackers are targeting U.S. cryptocurrency exchange-traded funds (ETFs) to steal digital assets."

The U.S. Treasury sanctioned eight individuals and two entities tied to North Korean cybercrime, targeting crypto flows stolen and laundered through overseas networks. Over three years, DPRK-affiliated cybercriminals stole more than $3 billion, mainly cryptocurrency, using malware, social engineering, and ransomware against banks, exchanges, and digital platforms. The Treasury stated stolen funds support Pyongyang's nuclear and missile programs. Sanctions named bankers who managed millions in crypto, an IT firm that deploys overseas IT workers and hides fund sources, a Pyongyang bank involved in laundering, and DPRK banking representatives moving currency through global networks. The FBI warned about ETF targeting and advanced personalized scams.

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