U.S. Sanctions North Korean Bankers Over Spate of Crypto Crime

The U.S. Treasury Department has sanctioned eight North Korean bankers and two entities for laundering millions in cryptocurrency, linked to cyberattacks and funding weapons programs. The Office of Foreign Assets Control (OFAC) reported that these North Korean actors laundered at least $5.3 million in digital assets, a part of over $2 billion stolen in 2025, according to blockchain analytics firm Elliptic. Sanctioned entities like First Credit Bank and Ryujong Credit Bank used intermediaries from China and Russia to mask the flow of illicit funds. The designated bankers, Jang Kuk Chol and Ho Jong Son, were involved in managing funds tied to previous ransomware attacks targeting U.S. entities. The OFAC emphasized that these designations are aimed at cutting off revenue streams that support North Korea's nuclear ambitions and cyber operations. In 2025, the reliance of North Korea on stolen cryptocurrencies has become increasingly evident, with sophisticated hacking methods, including AI-driven tools, employed to breach crypto firms and exchanges.

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