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

The U.S. Treasury Department has sanctioned eight individuals and two entities linked to North Korea for laundering cryptocurrency tied to cyberattacks that fund the regime's weapons programs. The Office of Foreign Assets Control (OFAC) cited that North Korean actors have laundered at least $5.3 million in digital assets through banks associated with illicit activities. Recent reports revealed that North Korean hackers stole over $2 billion worth of cryptocurrency in 2025, utilizing sophisticated techniques such as malware, phishing, and social engineering to exploit crypto firms. Newly sanctioned entities include First Credit Bank and Ryujong Credit Bank, which disguised crypto transactions through intermediaries in China and Russia to support North Korea's arms initiatives. The Treasury's actions aim to undermine funding streams for North Korea's cyber operations that threaten global economies. Two North Korean bankers managed funds linked to ransomware attacks, while Korea Mangyongdae Computer Technology Company engaged in fraudulent IT work abroad, using proxies to obscure the sources of foreign earnings.

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