The United States imposes sanctions on North Korean bankers suspected of laundering stolen cryptocurrency

The U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions against several bankers, financial institutions, and related entities, accusing them of participating in money laundering for North Korea and transferring cryptocurrency obtained through cybercrime to fund its nuclear weapons program.

The U.S. Treasury stated that over the past three years, North Korea has stolen more than $3 billion in digital assets through malware and social engineering attacks, a scale greater than any other country's related actors. The sanctioned individuals include North Korean bankers Jang Kuk Chol and Ho Jong Son, who are accused of managing funds on behalf of the sanctioned First Credit Bank, including approximately $5.3 million in cryptocurrency. The Treasury noted that North Korea relies on a network of bank representatives, shell companies, and financial institutions established in its own country and in places like Russia for money laundering, cryptocurrency theft, and evading sanctions. The U.S. has previously warned businesses to be cautious of North Korean IT professionals disguising their identities to infiltrate the financial system for illegal activities.