The United States imposes sanctions on North Korean bankers suspected of money laundering and stealing cryptocurrency.
U.S. Department of the Treasury's Office of Foreign Assets Control (OFAC) announced a new round of sanctions on several bankers, financial institutions, and related entities, accusing them of being involved in laundering money for North Korea, transferring encrypted assets obtained through cybercrime to fund its nuclear weapons program. The U.S. Department of the Treasury stated that over the past three years, North Korea has stolen over $3 billion in digital assets through malicious software and social engineering attacks, surpassing any other country in similar activities. 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 Department of the Treasury pointed out that North Korea relies on a network of banks, shell companies, and financial institutions established in its own country, Russia, and elsewhere for money laundering, cryptocurrency theft, and sanctions evasion. The U.S. had previously warned companies to be cautious of North Korean IT professionals posing as legitimate entities infiltrating financial systems to engage in illegal activities.
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