US Treasury Sanctions North Korean Bankers for Crypto Crime

The U.S. Treasury has sanctioned eight North Korean bankers and two companies for their involvement in laundering stolen cryptocurrency to support North Korea's weapons programs. These operatives, predominantly based in China and Russia, utilized international financial networks to obscure the origins of funds obtained from ransomware attacks and crypto thefts. Reportedly, North Korean hackers have amassed nearly $3 billion in stolen cryptocurrency over the past two years. The sanctions targeted not only the bankers but also 53 crypto wallets linked to them, with the majority associated with Tether's stablecoin. Treasury officials emphasized that these actions threaten both U.S. and global security, and that they will continue to disrupt North Korea's illicit financial operations. Key to these schemes are underground banking networks, particularly in China, which facilitate the laundering processes of North Korean operatives.

Source 🔗