US Treasury Sanctions North Korean Bankers Tied to Crypto Crime

The U.S. Treasury Department has sanctioned eight North Korean bankers and two companies for laundering stolen cryptocurrency to support North Korea's weapons programs. Officials reported that these bankers, primarily operating from China and Russia, utilized international financial networks to disguise funds derived from ransomware and crypto thefts. The sanctions were accompanied by a blockade on 53 crypto wallet addresses related to the laundering operations, with most wallets identified as containing Tether's stablecoin. John Hurley, an undersecretary in the Treasury, emphasized the threat these activities pose to global security, as they generate revenue that directly supports North Korea's weapons development. Recent reports indicate that North Korean hackers have stolen nearly $3 billion in cryptocurrency globally over the past two years, with a significant portion stemming from high-profile hacks such as the Bybit exchange breach. Authorities highlighted the critical role of underground Chinese banking networks in facilitating these launderings, as they clean North Korea’s stolen crypto funds through complex methods. The Treasury's actions are part of ongoing efforts to disrupt North Korea's illicit financial operations and cut off its access to funds used for illicit weapons development.

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